The Indian automaker’s onshore listed company launches an inaugural $750m dual-tranche bond, making use of the country’s recent relaxation of withholding tax policy.
The fixed-price transaction by Indian car and truck manufacturer Tata Motors comes a day after Larsen & Toubro completed a similar combined deal comprising a QIP and a CB.
The Indian company clinches the long-running deal in which Ford will net around $1.7 billion and then continue to provide parts and technology to Tata.
Ford says Tata Motors is a frontrunner in the bid to buy its Jaguar and Land Rover businesses, suggesting the Indian group is set to chalk up more ambitious cross-border M&A deals in 2008.