Tata Motors: to sell unit stakes to help fund deal

MUMBAI (Reuters) - India's Tata Motors Ltd (TAMO.BO: Quote, Profile, Research, Stock Buzz) 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: Quote, Profile, Research, Stock Buzz), 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: Quote, Profile, Research, Stock Buzz), 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)