Tata Motors gets Rs 25 bn in Nano bookings

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Tata Nano
Mumbai, May 5: India's largest automobile company Tata Motors said that it raised about 25 billion rupees ($500 million) from its Nano car consumer bookings. This amount received from the booking of world's cheapest car, will help Tata to ease company's finance needs, especially to cover bridge loans for its purchase of Jaguar and Land Rover in 2008.

From Apr 9 to Apr 25 that is the initial booking period, Tata Motors received 2,03,000 fully-paid orders and it sold 610,000 booking forms during the period as per the company statement.

However it did not give details of all bookings. Tata Nano will be in markets by July, with a lottery to select the first 100,000 owners.

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