New Delhi, June 24: The International Finance Corporation (IFC) will provide a $50 million loan to leading automaker Tata Engineering to support its ongoing investment programme and new product development initiatives. The private sector arm of the World Bank Group has also signed an agreement to provide a loan of about $13 million to Dewan Housing Finance Corporation Ltd, an IFC release said.

Tata Engineering's executive director Praveen Kadle said "this investment is an endorsement of Telco's plans and objectives and we look forward to a long-term partnership with IFC.”
Telco, the flagship company of the Tata Group, is among the world's top 10 commercial vehicle makers and domestic market leader for over 50 years.
The company also entered the passenger car business in 1997 and its highest selling car 'Indica' now commands a 15 per cent market share in the domestic market. Bureau Report