Tata Motors Ltd.

Auto maker Tata Motors has completed refinancing of the USD 3 billion bridge loan taken for the acquisition of British marquee brands Jaguar Land Rover. The company has already paid USD 2 billion of the total amount and has amended the bridge finance loan agreement, according to which the car maker has time till December 31, 2010 to pay the remaining USD 1 billion. This agreement, along with earlier repayments and the bond issue last week, completes the refinancing of the bridge finance of 12 months of USD 3 billion raised in June 2008 for the acquisition of Jaguar Land Rover.

Tata Motors said it repaid USD 1.16 billion, through rights issue and certain divestment proceeds last year, while USD 840 million was repaid through proceeds of non-convertible rupee debentures issued last week.