Tata Motors to raise $1 bn abroad

Mumbai: Leading automaker Tata Motors said it is looking at further acquisition opportunities and strategic alliances in India and abroad and is seeking to raise $1 billion in debt or equity from overseas market. Tata Motors completed acquisition of UK luxury brands Jaguar and Land Rover for $2.3 billion earlier this month.

Tata Motors is part of Ratan Tata-led domestic conglomerate that has been engaged in a number of high-profile overseas takeover deals such as that of Anglo-Dutch steelmaker Corus.

'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,' Tata Motors said in a notice sent to shareholders seeking their approval on various issues such as fund raising plans.

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, the circular said.