Tata Motors [Get Quote] said on Wednesday the $2.3-billion deal to acquire premium auto brands Jaguar and Land Rover would be funded through a mix of existing cash reserves and new debts.

"We will fund the deal through existing cash reserves and new debt facilities which will be raised at the company's level," Tata Motors spokesperson told PTI.

He, however, declined to comment on the quantum of debt to be raised from the market to part finance the $2.3-billion requirement.

"We already have committed financing from our banks, which along with our existing cash reserves is sufficient," he said.

Recently, Tata Motors had announced that its Board has approved raising of Rs 4,000 crore (about $1billion) from either overseas or domestic markets through issuance of securities.

The company had said the funds to be raised would be utilised to part finance overall funding requirement to meet some of its strategic plans.

Stating that its expansion plans through organic route over the next 3-4 years might incur expenditure, the company said the acquisition opportunities have to be financed upfront.

Also read:

• Tata cars: From Rs 1 lakh to Rs 1 crore!
• Will these beauties come to India?