Top Tata group companies are on a fundraising spree from both local and international markets as they expect the economy to pick up in the second half of the current financial year.
After Tata Sons, which plans to raise $2 billion, Tata Projects is looking to mop up nearly Rs 1,000 crore from local institutions to fund its infrastructure projects and retire old loans.
The company had bagged a contract to build a part of India’s largest sea bridge – Mumbai to Navi Mumbai sea link project – in December 2017.
Tata Projects is a subsidiary of Tata Sons, the holding company of the Tata group, and all loans will be guaranteed by the parent, said a banking source. The funds will be used by Tata Projects for its working capital requirements and to scale up operations in the coming quarters.
