Tata Motors to invest₹10,000 cr in 2-3 years

Tata Motors on Tuesday said it will invest about ₹10,000 crore in the next 2-3 years on product development, modernisation of its facilities and other capex purposes.

Seeking shareholders' approval through a postal ballot to raise long-term funds, among others, the company said it has plans for expanding product range and increase the presence in the domestic and global markets in both commercial and passenger vehicle segments.

'As a part of its future growth strategy for the domestic and international markets, the company plans to incur about ₹10,000 crore in the next 2-3 years towards product development, capital expenditure in capacity enhancement, plant renewal and modernisation and other meaningful growth opportunities,' it added.

The company plans to raise about ₹4,700 crore long-term fund through issue of securities in domestic and international markets to fund the company's expansion programmes and reduce debt.