Tata secures £340m loan for JLR
Tata Motors, the parent company of Jaguar Land Rover (JLR), has secured a £340m loan from The European Investment Bank to fund research into low-carbon technology. The eight-year loan will help to continue the resurgence of the JLR brand, according to Tata Motors vice-chairman Ravi Kant. He said: “This will support the progress of turnaround in JLR’s business in challenging market conditions, alongside cost cutting measures, increase of volumes and the improved margins strategy currently being implemented by JLR.” The loan is structured with guarantee support from Credit Suisse, Deutsche Bank and the State Bank of India, among others. In 2009, Tata secured more than £500m of funding from State Bank of India and five other banks in an effort to secure JLR’s balance sheet. The company employs around 2,000 staff at its Halewood plant.
