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Tata asks State Bank of India to raise $3 bln: report
MUMBAI (Reuters) - India's Tata Motors Ltd, which is in final talks to buy Ford Motor Co's (F.N) Jaguar and Land Rover brands, has mandated State Bank of India (SBI.BO) to raise $3 billion in debt, the Financial Express paper said on Friday.
Tata Motors (TAMO.BO) (TTM.N), which earlier in the week said it planned to raise additional long-term funds of up to $1 billion by way of securities in overseas and/or domestic markets, wanted to have the funds in place by April 10, the paper said.
"We have already initiated the process for raising debt worth $3 billion in the overseas market through a syndicated approach," the paper cited a senior State Bank official as saying.
Citibank (C.N), Standard Chartered (STAN.L), BNP Paribas (BNPP.PA), JP Morgan (JPM.N), Bank of Tokyo-Mitsubishi UFJ and Mizuho Financial Group (8411.T) "will pool the resources", the unnamed official told the paper.
"We may shortly approach a few Indian public sector banks, too", the official was cited as saying.
The funds were expected to be raised as a foreign exchange bridge loan of 12-15 months duration at around 4.29 percent, the official told the paper.
"Given the reputation and credibility (of) the Tata group ... it will not be difficult ... in spite of the tight liquidity condition in the overseas market," the official said.
A spokesman for Tata Motors declined comment.
(Reporting by Rina Chandran; Editing by John Mair)
