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Markets | Tata Motors raises Rs2,000 cr in deposits

Markets | Tata Motors raises Rs2,000 cr in deposits
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First Published: Thu, Apr 23 2009. 09 49 PM IST
Updated: Thu, Apr 23 2009. 09 49 PM IST
Mumbai: India’s largest maker of commercial vehicles Tata Motors Ltd said it raised at least Rs2,000 crore selling term deposits to the public, helping it refinance loans taken to buy Jaguar and Land Rover.
The company can raise up to Rs2,700 crore selling the deposits, Debasis Ray, a spokesman for the auto maker, said in a phone interview on Thursday. The Mumbai-based auto maker also cut the rates on three-year deposits to 10% from 11%.
Tata Motors must refinance by June $2 billion (Rs10,040 core) of a bridge loan it took to acquire the UK-based luxury brands from Ford Motor Co. last year. Tata Motors turned to the public to raise cash for the first time in 13 years after the global credit crunch curbed the availability of financing.
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No plan to ban sugar futures, says FMC chief
Mumbai: India has no plans to ban futures trading in sugar as a way to arrest the surge in prices, B.C. Khatua, chairman of the Forward Markets Commission (FMC), said.
The 61% spurt in sugar prices in the past year has been caused by the supply-demand mismatch, and not because of futures trading in the commodity, Khatua said in a phone interview in Mumbai.
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First Published: Thu, Apr 23 2009. 09 49 PM IST