Atleast four public sector banks and four foreign lenders are likely to join State Bank of India led consortium to raise the $3 billion for Tata Motors to fund their foreign acquisitions including the $2 billion Jaguar and Land Rover deal.PSBs likely to join the consortium of financiers are Bank of India (BoI), Bank of Baroda (BoB), Indian Overseas Bank (IoB) and Syndicate Bank, while the foreign banks are Barclays, HSBC, DBS and Singapore-based United Overseas Bank, a source close to the development said."SBI is looking at enhancing the number of entities in the consortium to 20 so that the burden of financing such a huge sum can be distributed amongst them," the source said.Country's largest lender has already started talks with all eight banks to be a part of the consortium and will come out with an official announcement soon, the source said.The foreign institutions comprised not only of Citi Bank and JP Morgan but also Standard Chartered, BNP Paribas, Tokyo Mitsubishi UFJ and Mizuho Financial Group, the source said.Sources said SBI plans to raise the amount by the second half of April to enable Tata Motors to complete the acquisition soon.
