Tata Motors has said it is in discussion with its lenders to refinance the remaining portion of the US$3bn bridge loan it has taken to fund its acquisition of Jaguar Land Rover.
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“Tata Motors is in discussions with banks on re-financing the balance of $2 billion, due in end May,” a Tata Motors spokesperson told the Economic Times newspaper.
Earlier last year, the company had taken a bridge loan of US$3bn to finance the US$2.3bn acquisition of JLR from Ford, of which US$1 billion has already been repaid, the official said.
The official, however, declined to give further details saying announcement regarding refinance would be made at an “appropriate time”.
The company has been struggling to raise long-term funds to replace the bridge loan, the ET noted.
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