Tata on track for refinancing

Tata Motors, which owns British marques through its Jaguar Land Rover (JLR) unit, moved closer to fully refinancing the $3bn (£1.8bn) bridge loan it used to buy JLR, after it raised 426bn rupees (£26.4m) through a rupee bond yeterday. Together with earlier prepayments of $1.11bn, the bond means India’s largest automaker now has $1.05bn outstanding on the refinancing.