A unit of Tata Sons Pvt. has signed a £750 million ($990.79 million) loan, to build what could be Britain’s largest battery making facility, according to reports.

Approximately 15 banks have finalized a two-year bridge loan agreement this month for Agratas Energy Storage Solutions Pvt, which requested anonymity due to the confidential nature of the matter. The agreement ranks as one of the three biggest foreign currency loans for an Indian firm in this year.

The loan with a two-year term is set at a spread above the Sterling Overnight Index Average, known as SONIA, and while the agreement has been confirmed, the disbursement process is still in progress.

The loan arrives as international financial markets fluctuate due to increasing tariffs.

According to reports, Indian borrowers' foreign-currency loans have increased by 23 percent to $6.6 billion year-to-date compared to the corresponding last year's period.

A representative from Agratas was not available for comment right away.

Agratas, a fully owned subsidiary of Tata Sons Pvt., manufactures battery cells with production facilities in India and the UK. The company stated in a release last year that the factory will be the largest in the UK and is expected to provide nearly half of the anticipated capacity needed for the nation’s automotive industry by the early 2030s.

The Tata Business Excellence Group (TBExG) fosters business excellence within group companies by introducing top-tier processes and enabling the exchange of best practices. The TBExG enables TBEM evaluations in group companies to evaluate their process maturity levels and overall effectiveness.

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These evaluations are performed by certified and trained assessors who consider the company’s context while implementing the holistic TBEM criteria relevant to the organization and industry.