Tata Motors to raise $1 bn abroad | autos | Hindustan Times
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Tata Motors to raise $1 bn abroad

autos Updated: Jun 10, 2008 21:29 IST

Tata Motors, the country's largest automobile manufacturers, is looking at new acquisition opportunities and strategic alliances in India and overseas, the company said on Monday.

It is also seeking to raise $1 billion in debt or equity from overseas market, the company said in a notice to shareholders seeking their approval for various plans for the future.

"The company has major growth plans for expanding its product range and presence in the domestic and global markets in commercial and passenger vehicles, including strategic alliances and acquisition opportunities," the notice said.

The company is seeking the shareholders' consent for raising up to $1 billion through issue of Foreign Currency Convertible Bonds or equity shares in the international market. Besides, it has also sought shareholders' nod for raising the company's borrowing limit to Rs 20,000 crore.

As part of its long term funding plans, it would raise Rs 7,200 crore through three simultaneous but separate rights issues to part-finance its $2.3 billion buyout of Jaguar and Land Rover.