Jaguar Land Rover raises $500m in bond issue

British luxury auto maker Jaguar Land Rover, owned by India's Tata Motors, said on Tuesday it has raised $500 million through a bond issue to fund operating costs and growth plans. "We are pleased to have completed this transaction successfully which we believe demonstrates the confidence of the market in our company and plans," said Kenneth Gregor, chief financial officer of Jaguar Land Rover (JLR). The funds raised by the Tata Motors subsidiary will be used for JLR's growth and capital spending plans, a statement said. JLR reported record global sales of 357,773 vehicles in 2012, a 30 percent year-on-year rise, led by strong demand in China, Britain and the United States. Tata Motors bought JLR from Ford in 2008 for $2.3 billion as part of plans to expand beyond Asia and the company accounted for 63 percent of the Indian firm's revenues in the last financial year.