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        Tata Motors Completes Refinancing of JLR Loans



        Tata Motors has repaid nearly USD 2 billion of the loan that it had taken to finance the JLR deal last year. The remaining amount is to be paid by June first week and Tata had been aggressively working on getting re-financing on the loan. As per the latest statement from the company, it has completed the refinancing of the USD 3 billion loan and now has time till December 31, 2010 to repay the remaining USD 1 billion.

        Tata Motors in a statement said it has concluded an agreement for amendment of its bridge finance loan, "extending the final maturity of USD 1 billion by 18 months up to December 31, 2010. This agreement, along with earlier repayments and the bond issue last week, completes the refinancing of the bridge finance of 12 months of USD 3 billion raised in June 2008 for the acquisition of Jaguar Land Rover."

        According to Tata Motors, the loan was concluded against all the challenging market conditions and global credit crisis. “Tata Motors thanks the lending institutions for the trust reposed by them in the performance and outlook for the company," said Tata Motors Chief Financial Officer C Ramakrishnan.


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