SBI, Citigroup, JPMorgan to provide $3 billion for Tata Motors' Jaguar-Land Rover acquisition

Mumbai: Tata Motors Ltd has arranged a $3 billion one-year bridge loan from a consortium of banks that includes SBI, Citigroup, JPMorgan and others, to finance the acquisition of Ford Motor's UK luxury brands Jaguar and Land Rover.

The other banks in the consortium are: Standard Chartered, BNP Paribas, Tokyo Mitsubishi UFJ and Mizuho Financial Group.

The amount has been financed equally by each member of the consortium - around $37.5 million - source said.

Ford and Tata Motors are expected to sign an agreement on the Jaguar and Land Rover brands in the middle of next week, sources close to the developments said.

"It could be some time around March 26," sources said.

A Tata-Ford deal, expected at the start of this month, had to be held back as the two firms discussed their future relationship, including technology and supply of spares and engines for the Jaguar and Land Rover brands.