Saudi Kingdom Holding, Tata mull joint investments
Kingdom Holding, one of the largest shareholders in Citigroup, said Ratan Tata, has held a meeting with Prince Alwaleed in Riyadh. India's top 10 business houses
By Agencies |
RIYADH: Kingdom Holding, controlled by Saudi billionaire Prince Alwaleed bin Talal, and Indian conglomerate Tata Group are examining unspecified joint investment opportunities, the Saudi firm said on Tuesday.
Kingdom Holding, one of the largest shareholders in Citigroup, said Tata Group's Chairman Ratan N. Tata, has held a meeting with Prince Alwaleed in Riyadh.
"Mr Tata said his visit was exploratory in order to find potential investment opportunities between Kingdom Holding and Tata group. The two also exchanged general strategic ideas related to various areas of investment," it said.
Tata Group presented "a number of potential investment projects" which will be examined further by the two parties, it added, without giving further details.
Last week, Tata Motors had raised $750 million (about Rs 3,600 crore) through global depository issues (GDRs) and convertible bonds to pay off rest of the debt it incurred for acquiring UK's iconic brands Jaguar and Land Rover.
Tata Motors had taken a bridge loan of $3 billion in 2008 to acquire the two brands. It had repaid the rest of the loan through a debt issue and stake sale so far.
Kingdom Holding, one of the largest shareholders in Citigroup, said Tata Group's Chairman Ratan N. Tata, has held a meeting with Prince Alwaleed in Riyadh.
"Mr Tata said his visit was exploratory in order to find potential investment opportunities between Kingdom Holding and Tata group. The two also exchanged general strategic ideas related to various areas of investment," it said.
Tata Group presented "a number of potential investment projects" which will be examined further by the two parties, it added, without giving further details.
Last week, Tata Motors had raised $750 million (about Rs 3,600 crore) through global depository issues (GDRs) and convertible bonds to pay off rest of the debt it incurred for acquiring UK's iconic brands Jaguar and Land Rover.
Tata Motors had taken a bridge loan of $3 billion in 2008 to acquire the two brands. It had repaid the rest of the loan through a debt issue and stake sale so far.
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