Tata Motors has appointed State bank of India as the sole lead manager to raise Rs. 4,000 crores to fund its acquisition of Jaguar and Land Rover. SBI officials confirmed these facts and added that the money will be procured through syndicated channels in the overseas market.
SBI first plans to go to the like of Citibank, Standard Chartered, BNP Paribas, JP Morgan, Tokyo Mitsubishi UFJ and Mizuho Financial Group and then later move on to the public sector banks. Tata wants the corpus operandi of the acquisition to be ready by April 10th.