Tata Motors on Thursday launched a new line of trucks to take on rivals Volvo and Mercedes and bring higher quality trucks to India.
Tata also plans to export the line of trucks ambitiously named "World Truck" starting with South Africa, the Middle East and Russia, company officials said.
The trucks feature standard air-conditioning and offer global-positioning systems and other options not currently found in most trucks that ply India's expanding network of roads. Officials declined to discuss pricing.
They will be produced initially in India and South Korea, with Tata subsidiary Tata Daewoo Commercial Vehicle Co. Tata Motors said on Wednesday night that it completed refinancing of the $3 billion bridge loan it took out to finance its acquisition of Jaguar and Land Rover from Ford Motor Co last year. A consortium of 21 banks agreed to extend the maturity of the outstanding $1 billion balance to December 31, 2010.
Tata will pay a significantly higher interest rate on the new loan.
"Times have changed," said Tata spokesman Debasis Ray.