India's Tata Communications will make a formal cash offer to buy the UK's Cable & Wireless Worldwide, and plans to raise up to US$2 billion in debt to finance the potential acquisition, according to sources at Dow Jones Newswires. Tata's move looks set to put it in a bidding war with Vodafone, which expressed an interest in Cable & Wireless earlier this month. Vodafone has until 29 March to make a binding offer. The business is valued at between US$1.1 billion to US$1.4 billion.