Jaguar Land Rover (JLR) is reportedly considering to acquire at least one luxury brand in its efforts to stay competitive. The Tata-owned British company recorded its highest sales ever in 2016, shifting 583,313 vehicles globally – up 20% from the previous year, making 2016 the most successful year ever in its 95-year history.

According to a report by Automotive News Europe, Tata Motors raked $6.1 billion USD in cash and equivalents by June this year, and the acquisition of another brand(s) may well push sales past the golden one million mark. JLR is currently having internal discussions to determine if the move will help diversify its range and whether or not it fits the current portfolio.

Key officials from Tata Group have apparently offered financial support for the potential takeover. If it materialises, the deal would be the first acquisition by JLR since it was bought over by Tata in 2008. JLR hasn’t specified which brand it’s currently looking at, but it appears that Maserati and Alfa Romeo are possible candidates. The former however, seems to fit the bill, seeing as it’s positioned in the ultra-premium market, above both Jaguar and Land Rover.

To recap, Fiat Chrysler Automobiles (FCA) plans to offload three of its luxury brands – Maserati, Alfa Romeo and Ferrari – but remains selective in the process of finding the right buyer. This is to boost returns for Exor, a holding company with 29.41% stake in FCA.