Tata Motors Ltd. (500570.BY) has hired State Bank of India (500112.BY) to help it borrow $500 million in a term loan, Bloomberg News reported Wednesday, citing an unnamed source.

Bloomberg said the two-part facility consists of a $200 million portion which matures in five years and a $300 million portion which matures in seven. The loan will be marketed in Taiwan, Singapore and the U.K., the report said.

The loan is expected to be be completed in mid-October, the report said. The report didn't indicate if it sought Tata, the owners of Jaguar Land Rover, or SBI for comment.

Full story: http://www.bloomberg.com/news/2011-08-31/tata-motors-said-to-hire-state-bank-to-raise-500-million-loan-from-banks.html