Tata Motors is looking at further acquisition opportunities and strategic alliances in India and

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abroad and is seeking to raise $1 billion in debt or equity from overseas market.

“The company has major growth plans for expanding its product range and presence in the domestic and global markets in commercial and passenger vehicles, including strategic alliances and acquisition opportunities,” Tata Motors said in a circular sent to its shareholders on Tuesday seeking their approval on various issues such as fund-raising plans.

Tata Motors, which completed acquisition of UK luxury brands Jaguar and Land Rover for $ 2.3 billion earlier this month, is part of the Ratan Tata-led domestic conglomerate that has been engaged in a number of high-profile overseas takeover deals such as that of Anglo-Dutch steelmaker, Corus.

The company is seeking shareholders' consent for raising up to $billion through issue of foreign currency convertible bonds (FCCBs) or equity shares in the international market, the circular said.

Besides, it has also sought shareholders' nod for raising the company's borrowing limit to Rs 20,000 crore (about $ 5 billion). As part of its long- term funding plans, the company would raise Rs 7,200 crore through three simultaneous but separate rights issues to part-finance its $2.3 billion buyout of Jaguar and Land Rover.

Shareholders’ nod has also been sought to raise $500- 600 million (Rs 2,700 crore) in the international market, which would be out of the approval sought for $1 billion.

Tata Motors said it would continue to pursue growth plans in the passenger and commercial vehicle segments through measures like launch of new models and investment in manufacturing facilities and technology. The company said it would continue to pursue its growth plans in the commercial and passenger vehicle businesses in India and overseas through introduction of new products, setting up, expanding and modernising its manufacturing facilities and investing in technology supported by focused and strong sale, distribution and service set-up.

“These would be appropriately funded over the next few years,”the company added.

Recently, some unconfirmed media reports had said that after the acquisition of Ford's Jaguar and Land Rover brands, which Tata Motors had said it would like to bring to the Indian market, it had been approached by another US auto giant, General Motors, for a possible sale of its iconic SUV brand Hummer.

The company has also sought approval for an increase in the authorised share capital to Rs 3,900 crore comprising ordinary shares aggregating Rs 700 crore and ‘A’ ordinary shares worth Rs 200 crore and convertible cumulative preference shares worth Rs 3,000 crore.

Under its rights issue programme, the company would issue ‘A’ ordinary shares carrying differential voting rights for up to Rs 2,000 crore on rights basis. 'A' shares would have voting rights at the rate of one vote for every 10 ‘A’ ordinary shares. Except the voting rights, the 'A' shares would rank the same as the ordinary shares and their holders would be entitled to dividend and bonus issue, among others.