A unit of Tata Sons Pvt. has secured a £750 million ($990.79 million) loan to fund the construction of what is expected to be the United Kingdom’s largest battery manufacturing facility, Bloomberg reported, citing sources familiar with the matter.
The loan was arranged by Agratas Energy Storage Solutions Pvt., a wholly owned subsidiary of Tata Sons. Approximately 15 banks have signed onto the two-year bridge loan deal, which was finalized earlier this month. The facility ranks among the three largest foreign-currency loans taken by an Indian firm in 2025 so far.
The loan is pegged to the Sterling Overnight Index Average (SONIA), a common benchmark for sterling-denominated transactions. While the agreement has been signed, disbursement of the funds is still underway, the sources said, requesting anonymity due to the private nature of the negotiations.
The financing comes amid heightened volatility in global markets, driven in part by rising tariffs and shifting trade dynamics. Despite the uncertainty, Indian companies have increasingly turned to overseas borrowing, with foreign-currency loans climbing 23% year-to-date to $6.6 billion, according to data compiled by Bloomberg.
Agratas, which develops battery cell technologies and operates manufacturing sites in both India and the UK, has ambitious plans for its UK facility. The plant is projected to be the nation’s largest of its kind and is expected to supply nearly half of the battery capacity needed by the UK automotive sector by the early 2030s, according to a company statement issued last year.
