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March 13, 2008 |
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TATA MOTORS: Plans to Raise US$1 Billion of Long-Term Funds Tata Motors Ltd. plans to raise additional long-term funds of up to INR40 billion, Reuters reports. According to the report, the company had major growth plans for domestic and global markets, achievable by expanding existing manufacturing facilities and through strategic acquisitions and alliances. "Whilst this may require incurrence of expenditure for organic growth over the next three to four years, the acquisition opportunities will have to be financed upfront," the company said in a statement, the same report relates. Hiral Vora of Reuters writes that the funds, which would be raised through securities issued in foreign and/or domestic markets, would be used to partly meet the cost of some of the strategic plans. India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/ -- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia and the United Kingdom. * * * On Jan. 7, 2008, Standard & Poor's Ratings Services placed its 'BB+' long-term corporate credit ratings on India-based automaker Tata Motors Ltd. on CreditWatch with negative implications. At the same time, Standard & Poor's placed its 'BB+' foreign currency rating on all of Tata Motor's rated debt issues on CreditWatch with negative implications. As reported in the TCR-Asia-Pacific on Jan. 8, 2008, Moody's Investors Service placed the Ba1 Corporate Family Rating of Tata Motors Ltd. on review for possible downgrade. |
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