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Tata Brings Jag-Rover Home

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In a deal that would cost $2.3 billion, Tata has acquired keys to Jaguar and Land Rover from US carmaker Ford.

Tata would raise $3 billion in bridge finance from a consortium of banks. This will be replaced by long-term debt.

This $3 billion includes contingency and other future requirements. We will also be diluting some of our investments in group companies to raise funds. We are reviewing options and will take a decision at an appropriate time”.

A consortium of banks, led by the State Bank of India, will present a proposal to the Tata Motors management next month to raise more debt to finance the deal.

The deal has been announced after months of negotiation.

It adds to national pride as such acquisition are termed as reflections of Indian economy.

FICCI has termed it as major landmark.

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Tags: equity contribution, international market, Jaguar Land Rover, special purpose vehicle, Tata Chemicals, tata motor