Tata Motors Ltd plans to list depositary receipts on the Tokyo Stock Exchange, and may raise more than 100 billion yen ($983 million) in Japan for acquisitions.Tata, India's top vehicle maker, last week announced a deal to buy luxury brands Jaguar and Land Rover from Ford Motor Co for about $2.3 billion(Related Story). Later this year it plans to start selling the Nano, the world's cheapest car at about $2,500.
A spokesman for Tata Motors, India's top vehicle maker, said he could not comment on the Nikkei report immediately. Tata Motors last month signed a deal for a $3 billion one-year bridge loan, which it has indicated it would use for Jaguar and Land Rover deal.
It also said it would raise additional long-term funds of up to 40 billion rupees ($1billion). The Nikkei said Tata will list depositary receipts on Tokyo's largest bourse as early as this summer to finance acquisitions, becoming the first overseas firm to do so after restrictions were lifted last year.
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