State Bank of India (SBI) led consortium will raise 3 billion dollars loan by April for Tata Motors' acquisitions abroad, including the 2-billion-dollar Jaguar and Land Rover deal. Apart from SBI, the consortium will include leading entities like Citibank, Standard Chartered, BNP Paribas, JP Morgan, Tokyo Mitsubishi UFJ and Mizuho Financial Group, a source closely connected to the development told PTI.

The country's largest lender is also in talks with two-three public sector banks to be a part of the consortium, the source said.

"The amount will be raised through short-term bridge financing and the process is expected to be concluded by next month. We are in talks with 2-3 other public sector banks to be a part of the consortium," the source said.

SBI has emerged as the leading merchant banker in the country over the past two years and has sealed around 40 deals worth about 27 billion dollars in 2007-08 contributing significantly to the bank's revenues.

Financiers in the consortium will normally receive commissions in the range of 0.50-1 per cent of the deal amount, but it may vary according to the period of funding and the amount to be raised, the source said.

Though he declined to divulge the amount financed by each member of the consortium, it is understood to be equally contributed by all banks--around 37.5 million dollar --by each entity in the consortium, the source said.

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