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Tata Motors has succeeded in securing a $3bn banking facility for its purchase of Jaguar and Land Rover from Ford Motor, which should clear the way for the deal to close next week. Tata’s ability to raise the money amid debt market turmoil represents a vote of confidence in the Indian company and removes one of the last main obstacles to the deal. The loan, which is expected to be mostly short-term bridge financing, is bigger than the predicted purchase price for the two UK car marques, estimated at about $2bn.