Tata Motors Passenger Vehicles Ltd.

Tata Motors’ wholly-owned arm, TML Holdings (TMLH) has raised $425 million (over Rs 3,100 crore) in unsecured notes. TMLH is the holding company of JLR Automotive Plc (JLR), Tata Daewoo, Korea, and a few other international operations of Tata Motors.

The proceeds from the notes issuance will be used by TMLH for refinancing the outstanding syndicated loan facility of GBP 225 million, for meeting the issue expenses and for other general corporate purposes.

Tata Motors is India’s largest automobile company. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands.