New Delhi: A subsidiary of Tata Sons Pvt. has secured a £750 million ($990.79 million) two-year bridge loan to fund what is expected to be the UK’s largest battery manufacturing facility, according to sources familiar with the deal. Around 15 banks are involved in the agreement, signed this month for Agratas Energy Storage Solutions Pvt. 

The loan, priced over the Sterling Overnight Index Average (SONIA), ranks among the top three foreign currency loans raised by an Indian company so far this year. Although the deal has been finalized, disbursement is currently underway.

The loan comes at a time when global financial markets are experiencing volatility due to rising tariffs. Despite this uncertain environment, foreign-currency borrowing by Indian companies has surged—rising 23% year-to-date to $6.6 billion compared to the same period last year, according to data compiled by Bloomberg.

Agratas, a wholly owned subsidiary of Tata Sons Pvt., focuses on developing battery cells and operates manufacturing facilities in both India and the UK. According to a company statement released last year, its upcoming UK plant will be the largest battery factory in the country and is expected to supply nearly half of the projected battery capacity needed for the UK’s automotive sector by the early 2030s.

BI Bureau