MUMBAI Dec 23 India's Tata group may have to
pump in at least $1 billion to revive premium brands Jaguar
Land Rover that was bought by Tata Motors (TAMO.BO) earlier
this year, the Economic Times reported on Tuesday.
Tata Sons, the holding company that holds large stakes in
group firms, and unlisted financial services unit Tata Capital
are among the options being considered to raise the cash, the
newspaper said, quoting unnamed company sources.
"We will do everything in our ability to resource all our
operations," the paper quoted a Tata Motors' spokesman as
saying, Tata Motors paid $2.3 billion to buy Jaguar Land
Rover from Ford Motor Co (F.N) earlier this year, just as
global auto sales began collapsing. adding he declined comment
on the size of funds required.
A spokesman for Tata Motors could not be immediately
reached by Reuters for comment.
On Monday UK's Financial Times had reported that Tata
Motors had agreed to inject "tens of millions of pounds" into
Jaguar Land Rover to prevent an immediate cash flow crisis.
Tata Motors, which has a market value of about $1.5
billion, has dropped 74 percent so far this year while the main
BSE index .BSESN is down more than half.
(Reporting by Janaki Krishnan; Editing by Ranjit Gangadharan
and Lincoln Feast)