In a recent move to expand its presence in the Indian market, GM India has announced that the company has raised a Rs 1,000 crore loan from a consortium of Indian banks to part-fund a USD 250 million (nearly Rs 1,160 crore) investment. It is believed that the moment will go into its plans of launching five vehicles from the stable of its Chinese partner, SAIC, by 2012.

The General Motors India President and Managing Director Karl Slym said that the company will be launching five vehicles from SAIC in India.

Three of them will be light commercial vehicles (LCV) and two will be passenger vehicles. It is to be mentioned here that the India operations of General Motors were converted into, a 50:50 joint venture between General Motors and Shanghai Automotive Industry Corporation (SAIC) last year.

While every model that the company will launch in alliance with its JV partner in India is expected to need an investment of USD 50 million, the company has tied up Rs 1,000 crore from a group of Indian banks to meet the same.