Tata Motors Passenger Vehicles Ltd.

Auto major Tata Motors is planning to raise up to $500 million overseas through external commercial borrowings over the next two months. In this regard, the company is in talks with bankers for arranging the issue.

Recently, the company had announced its plan to launch new variants of its small car Nano during FY12. The company is prepared to launch a diesel variant of Nano and is likely to be rolled out by the end of this year.

Tata Motors’ net profit for the year ended March 31, 2011 dropped by 19.11% to Rs 1811.82 crore as compared to Rs 2240.08 crore for the year ended March 31, 2010. Its total income increased by 28.78% to Rs 48223.72 crore for the year from Rs 37446.50 crore for the previous year.