Tata Motors’ British subsidiary Jaguar Land Rover (JLR) is in the process of securing a offshore loan of $500m, reported Bloomberg citing the company’s statement.
The funds are intended to partially refinance an existing $800m loan that is due to mature in January 2025, according to the company’s statement issued in response to query.
JLR is in discussions with a consortium of banks for the financing, which may be arranged with a term of four years, though details may change, people familiar with the matter told the publication.
This move comes as Indian firms such as Reliance Industries and Greenko Energy Holdings’ founders also seek foreign funding amid improving domestic liquidity.
Recently, JLR announced an investment of £65m ($81.10m) to upgrade its special paint facilities worldwide.
The initiative is designed to cater to the increasing consumer demand for customised luxury vehicles and to reduce the environmental footprint of its production processes.
The investment will facilitate the establishment of new paint facilities at Castle Bromwich in the West Midlands, England, and in Nitra, Slovakia.
Earlier in the month, Jaguar Land Rover also strengthened its partnership with Tata Communications.
This collaboration is intended to advance the carmaker's connected vehicle ecosystem using the Tata Communications MOVE platform.
