Tata Motors, the country’s largest truck maker, has lined up aggressive plans to mop up about $500m (Rs 2,260 crore) in the overseas markets to meet its "long-term growth plan" for the commercial vehicle and passenger car units. The company’s board of directors, which met on Monday, approved a proposal to raise the additional long-term resources "by issue of appropriate securities in the international markets, on terms to be decided by the board/committee of the board in due course."

"The said funds are being raised to meet the capital and product development expenditure related to the company’s growth projects in its commercial vehicle business unit and passenger car business unit, refinancing its recent acquisition of Daewoo Commercial Vehicle Company in South Korea and for such other corporate purposes as may be permitted under applicable laws," Tata Motors said in a statement.

"It is just an enabling resolution. At this juncture, it would be too early to comment on details like the issuing instrument, timing of the issue and the amount. The powers have been delegated to a committee of the board to take a decision in this regard," according to the company’s executive director (finance and corporate affairs) Praveen Kadle.