Tata to boost businesses in Africa
Picture used for illustrative purpose only.
Tata International Limited (TIL) has completed the first tranche of a receivables securitisation transaction for $48 million in order to support their business growth in Africa.
Tata International Limited packaged their receivables from eight African countries and successfully raised funding against them.
The countries include Kenya, Uganda, Tanzania, Ghana, Nigeria, Senegal, Ivory Coast and Zambia.
The receivables were securitised through an entity set up in the Abu Dhabi Global Market (ADGM) by Al Tamimi & Company.
The Dubai headquartered Alpen Capital acted as the sole financial advisor to the transaction.
TIL is the primary trading arm of the Tata Group and has a substantial presence in Africa with operations in over 19 countries in the continent.
In addition to the trading business, TIL is also a distributor for Tata Motors and Daewoo commercial vehicles, Jaguar Land Rover automobiles and John Deere construction and agricultural equipment across the African continent.
“Africa is a key market for Tata International Limited’s commercial vehicles business. Tata International Limited provides support to local entrepreneurs, farmers and SMEs to grow their business. This transaction allows TIL to increase their market share in Africa while supporting economic development at a local level. I would like to thank Alpen Capital for conceptualising, structuring and concluding this sophisticated transaction.” said Noel Tata, Managing Director, Tata International Limited.
