Tata Motors: to sell unit stakes to help fund deal

MUMBAI (Reuters) - India's Tata Motors Ltd (TAMO.BO) will divest stakes in various units to help finance the deal to buy luxury brands Jaguar and Land Rover from Ford Motor Co (F.N), its chief financial officer said on Wednesday.

"Tata Motors is also reviewing an undertaking, putting in place a disinvestment program, unlocking value from some of our investments in various subsidiaries," C. Ramakrishnan told a teleconference after the $2.3 billion deal was announced.

"That plan is getting finalized and one or two actions are already in place," he said, without elaborating.

Tata Motors (TTM.N), India's top bus and truck maker, will buy luxury brands Jaguar and Land Rover for about $2.3 billion in cash.

"The funding will be done through existing cash resources and new debt facilities which will be raised at Tata Motors level," a company spokesman said in a statement.

"We already have committed financing from our banks which along with our existing cash resources is sufficient."

(Reporting by Hiral Vora; Editing by Charlotte Cooper)