Jaguar Land Rover, owned by Indian Tata Motors, plans to raise $ 500 million through a offshore loan, according to a company.

Revenue raised will partially refinance an existing $ 800 million loan expiring in January. The company is in talks with a bank group, which is related, according to a statement issued by the company in response to a Bloomberg query.

Funding may apply to four years, according to people who know the agreement, who add that the details may change.

Jaguar Land Rover’s lending comes in a busy period for Indian borrowers, with founders of Reliance Industries and Greenko Energy Holdings also exploiting external lending in the midst of narrow domestic liquidity, which recently showed signs of relaxation. In 2024, Indian borrowers raised $ 23.3 billion through offshore loans for $ 29.2 billion last year and $ 14.4 billion in 2022, according to data gathered by Bloomberg.

Moody’s Ratings and S&P Global Ratings have both positive credit prospects for Jaguar Land Rover. S&P uploaded Jaguar’s evaluation to the investment level last year.