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Tata Motors to raise $500 m

MUMBAI, MARCH 8. The board of directors of Tata Motors has in principle approved the raising of additional long-term resources of up to $500 million by the issue of appropriate securities in the international markets on terms that are to be decided by the board/committee of the board in due course.

The funds are being raised to meet the capital and product development expenditure related to the company's growth projects in its commercial vehicle business unit and passenger car business unit, refinancing its recent acquisition of Daewoo Commercial Vehicle Company in South Korea and for such other corporate purposes as may be permitted under applicable laws.

— Our Staff Correspondent

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