Tata Engineering signs $50 million loan pact with IFC

Tuesday, 24 June 2003, 07:00 Hrs
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Tata Engineering, the automobile business arm of India's diversified industry conglomerate Tata group, Tuesday announced the signing of a $50 million loan agreement with the International Finance Corporation (IFC).

NEW DELHI: As part of the agreement, IFC, the private sector lending arm of the World Bank, will invest $50 million in Tata Engineering to support the latter's new product development initiatives, said an IFC press statement issued here.

Tata Engineering features among the top 10 commercial vehicle manufacturers globally. The company's hatchback, Indica, controls a 15-percent market share in the domestic passenger car market.

"This investment is an endorsement of Tata Engineering's plans and objectives and we look forward to a long-term partnership with IFC," said Praveen Kadle, executive director of Tata Engineering.

Said Dimitris Tsitsiragos, IFC director for south Asia: "Tata Engineering has had a remarkable turnaround and has demonstrated its engineering expertise by successfully developing and marketing world class passenger vehicles.

"IFC is glad to be supporting Tata Engineering's growth plans and to be associated with one of the most progressive business groups in India."

Source: IANS

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