Tata's Jaguar Land Rover plans to raise $500 million through offshore loan

By Chien Mi Wong and Saikat Das 

Jaguar Land Rover Automotive, the British arm of Tata Motors Ltd, is planning to raise $500 million through an offshore loan, according to a company statement, joining a flurry of dollar debt deals from Indian conglomerates.   

Proceeds raised will partially refinance an existing $800 million loan maturing in January. The company is in talks with a group of banks, with which it has relationships, according to the statement issued by the company in response to a Bloomberg query. 

 

The financing may be for a four-year term, according to people familiar with the deal, adding that details could change.

 

 

Jaguar Land Rover’s facility adds to a busy period for Indian borrowers, with Reliance Industries and Greenko Energy Holdings’s founders also tapping foreign debt amid tight domestic liquidity, which has recently showed signs of easing. In 2024, Indian borrowers raised $23.3 billion via offshore loans versus $29.2 billion the prior year, and $14.4 billion in 2022, according to Bloomberg-compiled data.  Moody’s Ratings and S&P Global Ratings both have positive credit outlooks on the borrower. S&P lifted Jaguar’s rating to investment grade last year.