Once Tata Motors has the US$3 billion in its kitty, Land Rover and Jaguar will be Indian-owned!
The consortium of banks mandated to raise US$3 billion to fund Tata Motor's acquisition of Jaguar and Land Rover is likely to complete the fund-raising by the end of this month.
The consortium, which comprises of the State Bank of India, Citibank, J P Morgan, Standard Chartered, BNP Paribas, Tokyo Mitsubishi UFJ, Mizuho Financial Group and ING, has already received a US$ 1 billion commitment from six banks. The consortium is hopeful of getting other banks to participate, from where the entire amount of US$3 billion can be arranged for.
In case the above eight banks’ syndication fails to attract more banks to finance the deal, the eight mandated lead-arrangers have, reportedly, been given the permission from their respective Boards to provide the remaining amount.
