Jaguar Land Rover Automotive plc, the parent company of the JLR group of companies and a subsidiary of Tata Motors, is raising capital for its expansion plans and has announced the offer of $400 million ‘Senior notes’ due in 2023.
In a statement to the BSE, the company said that the notes will be guaranteed on a senior unsecured basis by JLR Ltd, Land Rover, JLR North America LLC, Land Rover Exports Ltd and JLR Exports Ltd.
The net proceeds from the issuance and sale of the Notes will be used for general corporate purposes, including support of JLR’s ongoing growth and capex, the company said, but declined to elaborate, citing constraints under UK financial regulations.
JLR has already said that it is investing £2 billion for 40 product actions globally till the end of the current fiscal. This includes expansion of its operations in Pune, where last week the company launched the locally built Jaguar XF 2.2 litre saloon.
Plans are afoot to begin local assembly of the 2013 version of the Freelander shortly, to be followed by launches of the Jaguar XJ Ultimate luxury saloon and the Jaguar F-Type sports car as CBU units later in the year, a spokesperson for JLR India said.