Tata seeks $3 bln loans for Jaguar, Land Rover -FT
SINGAPORE, March 6 (Reuters) - India's Tata Motors (TAMO.BO: Cotización) is seeking about $3 billion in loans to fund its planned purchase of Ford Motor Co's (F.N: Cotización) Jaguar and Land Rover luxury brands, the Financial Times reported on Thursday.
Tata has assigned its advisers, Citigroup (C.N: Cotización) and JPMorgan (JPM.N: Cotización), to arrange the financing with a number of other international and domestic banks, the FT said, quoting people familiar with the matter.
The loan, expected to be mostly short-term bridge financing, is larger than the expected purchase price, estimated at around $2 billion.
A person familiar with the deal said part of the loan could be used for working capital, the newspaper said. (Reporting by Lincoln Feast, editing by Jacqueline Wong)
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