The Hindu Business Line : Tata Motors plans to raise $300 m thru ECB

Expansion plans at Tata Motors include the much-awaited Rs 1-lakh car project that will have its plant situated in West Bengal. Of the required 970 acres, the government has acquired 800 acres for the project, to turn over to the Tata group. A temporary bank has been established at the site to settle land compensation payable to the small farmers (locally known as bargadars).

December 2006 is the deadline set for the government to hand over the land to the company, said Mr Ravi Kant, Managing Director, Tata Motors, at the sidelines of a press meet called to announce the company's second quarter results.

The paint shop at the company's Pune plant had suffered damages forcing the it to look for alternative facility. According to senior officials, the company has decided to infuse fresh investments for a new facility that will have a capacity to paint 500 cars on a daily basis. The new booth will be housed at the commercial vehicle business unit facility within the factory premises. Tata Motors earlier undertook all the paint jobs of DaimlerChrysler India for their range of Mercedes Benz cars. Tata Motors may launch an initial public offering for its two 100 per cent subsidiaries HV Axles and HV Transmissions. There is an alternative plan for inducting strategic partners for these subsidiaries, said Mr Praveen Kadle, Executive Director - Finance and Corporate Affairs.

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