India’s Tata Motors says it has raised $750 million through the sale of new global depositary receipts and convertible bonds. The Indian automaker will use most of those funds to pay down the debt incurred by the purchase of the Jaguar and Land Rover brands.

Although a seemingly significant sum, the funds raised will only put a dent in Tata’s total debt. Thanks in large part to the purchase of Jaguar and Land Rover, Tata currently holds $5.2 billion in consolidated debt, according to Reuters. Tata paid Ford $2.5 billion for the Jaguar and Land Rover brands last year.

Tata originally planned to sell $600 million worth of global depositary receipts, but upped that figure to $750 million after receiving better-than-expected demand.

However, the news is encouraging to the automotive industry – particularly to Indian automakers – as the fund raising is seen as a sign of an improving global economy. Indian automakers have raised nearly $18 billion this year, triple the level seen last year.