Fresh from acquiring Daewoo Motors' truck unit, Tata Motors Limited, has chalked out a Rs 6,000 crore (Rs 60 billion) capital expenditure and product development programme as a part of its future growth strategy and vision to be a global automobile player.

"As a part of future growth strategy for the domestic markets as also to seek a meaningful presence in the global markets, the company is planning to incur about Rs 6,000 crore over the next five years towards capital expenditure and product development programmes," a senior official of the company said in Kolkata.

These apart, the company was also looking for other meaningful growth opportunities through mergers, acquisitions, strategic alliances in respect of its commercial vehicles and passenger cars.

The capital expenditure will be in the areas of balancing and enhancement of plant capacities, modernisation and replacement of existing plant and machinery, improvement of plant productivity as well as quality and reliability improvement of products, the official said.

Tata Motors, which had acquired Daewoo Commercial Vehicle Company, Korea at an enterprise value of $102 million [Rs 465 crore (Rs 4.65 billion)] from internal accruals and direct lending facilities, was examining the option to refinance this acquisition through alternate long term funding exercise.

It has already decided to raise $500 million [Rs 2250 crore (Rs 22.50 billion)] to part finance the future development programmes, the official said.

The official said though the company envisaged that the internal generation of funds as well as funds from the previous issues would partially finance the future expansion programmes, including acquisitions, it proposed to part finance the requirement through issue of securities worth $500 million.

The board of directors of the company had already approved the issue of securities and an extra-ordinary general meeting has been convened on April 8 to get approval of shareholders for the same.