Mumbai: Tata Motors, India's largest vehicle maker, said on Monday it raised about 25 billion rupees ($500 million) from consumer bookings for its Nano, the world's cheapest car.
The cash should help ease the company's finance needs, especially to cover bridge loans for last year's purchase of marquee brands Jaguar and Land Rover.
Tata Motors received 203,000 fully-paid orders during the initial bookings from April 9 to 25, and it sold 610,000 booking forms during the period, the company said in a statement.
It did not give details of all bookings.
The basic Nano has a showroom price of 112,735 rupees, and a deposit of 95,000 rupees was required to be paid at the time of booking. The cars will be available by July this year, with a lottery to select the first 100,000 owners.
Comments
0 comment