Tata Motors on Wednesday announced its plans to raise $ 450 million by issuing “appropriate securities” to meet capital and product development expenditure related to growth projects of its commercial vehicles business unit and the passenger car business unit.
The company’s directors approved the proposal subject to necessary approvals, said a company release issued here. Tata Motors, in a bid to expand its marketshare in the light passenger carrier segment, on Tuesday launched two new vehicles, Magic, starting at Rs 2.70 lakh and Winger beginning at Rs 4.70 lakh.
The company is also rapidly expanding its product portfolio in the commercial vehicles segment. It will roll-out its first global truck from Tata Daewoo’s South Korean plant, and launch it in India after six months.It also recently signed agreements with Thonburi in Thailand and Fiat in Argentina for the manufacture of pick-up trucks.