Tata Motors-owned Jaguar Land Rover (JLR) on Wednesday said it will raise $400 million (over Rs. 2,100 crore) through issue of bonds to support its operational costs and future growth plans.

“Jaguar Land Rover Automotive Plc, the parent company of the Jaguar Land Rover group of companies and a subsidiary of Tata Motors Ltd, announces the offer of $400 million Senior Notes due 2023,” JLR said in a filing by Tata Motors on the Bombay Stock Exchange.

“The net proceeds from the issuance and sale of the Notes will be used for general corporate purposes, including to support Jaguar Land Rover’s ongoing growth and capital spending plans,” the company said.

The company, however, did not specify the areas where it intends to spend this fund.

In April 2011, JLR had said it will invest £1.5 billion every year for the following five years, mainly on product development as it looked to catch up with global luxury car makers and position itself as a top premium brand.

Last year, JLR had raised £500 million (over Rs. 4,000 crore) through issue of bonds.