"With a comprehensive product portfolio, Tata Motors is now at a stage where it can consolidate its international business in its chosen markets. Step by step, we shall expand the footprint of our international business matching markets and products".

Carl-Peter Forster
Group Chief Executive & Managing Director
Tata Motors

GMR Infrastructure has moved a step closer in strengthening its presence in power sector in Singapore. The company's Singaporean arm, GMR Energy (Singapore) Pte has tied up debt for it 800 MW power project at the Jurong Island in Singapore. The financing package comprises Singapore Dollar 670 million (approx Rs 2,445.5 crore) of a term loan facility and a $270 million (approx Rs 1,201.5 crore) credit and working capital facility. "We have received banking community's strong support for financial closure, which demonstrates their confidence in the project. This is a good start and augurs well for the project," said GM Rao, Group Chairman, GMR Infrastructure. The debt has been arranged from Axis Bank, CIMB Bank Berhad, KfW IPEX-Bank Gmbh, National Australia Bank Limited, Standard Chartered Bank and WestLB AG. The natural gas fired combined cycle power plant is coming up at a cost of over $1 billion (approx Rs 4,450 crore). The plant will be designed and constructed by a consortium of Siemens and Samsung and slated to commence power generation in 2013.

During the month, the Tata Group continued its overseas sojourn with Jaguar Land Rover (JLR) kick starting production of its sports utility vehicle Range Rover Evoque at its Halewood facility in the UK. JLR is making an annual investment of Pound 1.5 billion (approx Rs 10,650 crore) in developing new models, engines, technologies and vehicle lines. Further, Tata Motors' JV with Tata Africa Holdings formally opened its assembly plant at Rosslyn in South Africa. The plant can assemble, from semi-knocked-down kits, light, medium and heavy commercial vehicles ranging from 4 tonne to 50 tonne, with an annualised capacity of 3,650 vehicles. Also, on the anvil is setting up a Nano plant in Indonesia.

On the real estate front, the Group's housing arm Tata Housing Development Company (THDC) will develop about one million sq ft in Male with a local partner, SG18 Developers at an estimated Rs 900 crore. The PPP project will be developed through a SPV - Apex Realty - wherein Tata Housing holds 65 per cent while SG18 Developers holds the remaining 35 per cent. SG18 has signed the PPP contract with the Maldives Government. As a part of the deal, 20 per cent free sale portion, land for developing 1.5 lakh sq ft of commercial space and a 45-acre island has been given to the partners for development purposes. The Maldives Government has allocated four plots on a long-term lease of 50 years to the two partners. Eighty per cent of the apartments have to be handed over to the Government and the remaining can be sold in the open market by the partners. THDC plans to build premium luxury villas on the island.