| Tata Motors to raise $450mn |
| BS Reporter / Mumbai June 20, 2007 |
| Tata Motors is planning 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. According to a release issued today, the company's committee of directors approved the proposal subject to necessary approvals. Tata Motors, in a bid to expand its marketshare in the light passenger carrier segment, yesterday launched two new vehicles, Magic and Winger, at its facility at Pimpri, Pune. The company's market share declined to 42.47% in May from 55% in May 2006. With Magic starting at Rs 2.70 lakh and Winger beginning at Rs 4.70 lakh, the company is hoping to increase its share in the three-wheeler passenger vehicles and the multi-utility vehicle (MUV) segments. Tata Motors is also rapidly expanding its product portfolio in the commercial vehicles segment. The company will roll-out its first global truck from Tata Daewoo |
