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| Fiat India secures Rs 2,500 cr funds |
| Press Trust of India / New Delhi Aug 24, 2009, 20:29 IST |
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Car maker Fiat India Automobiles today said it has arranged funds to the tune of Rs 2,500 crore from a consortium of domestic and international lenders to support the company's operations and production of vehicles.
The investments would be utilised for projects including manufacturing powertrain and Fiat and Tata branded cars at the company's Ranjangaon plant, Fiat India Automobiles (FIAL) said in a statement.
"The company has finalised three syndicated secured credit facility agreements with a consortium of Indian and international banks for a total amount equivalent to Rs 2,500 crore," it said.
The company, which is investing Rs 4,000 crore for the operations in the country, said the syndicated credit facilities have been arranged by Citibank NA.
Among the banks who would participate in the process include Calyon, Citibank, Deutsche Bank and Natixis under the External Commercial Borrowing credit facility worth about Rs 900 crore (euro 130 million), and State Bank of India, IDBI Bank, Punjab National Bank and Union Bank of India under the INR term credit facility for Rs 1,000 crore.
Besides, the State Bank of India, IDBI Bank, Punjab National Bank, Union Bank of India and Citibank will participate under the INR short term revolving credit facility to provide financing of Rs 600 crore.
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