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Jaguar Land Rover secures 500 mn pound funding: report
Jaguar Land Rover (JLR), the troubled British carmaker, has secured 500 million pounds of new finance, including a 175 million pound loan from the State Bank of India, according to reports Wednesday.
Tata Motors-owned JLR, which employs 14,500 people in Britain, has also won a $90 million (57 million pounds) export financing facility with ABC International Bank, the Daily Telegraph said in an online report.
The remaining funding will come from Standard Chartered, Bank of Baroda, and Burdale Financial Limited, a subsidiary of the Bank of Ireland, the paper said.
The new agreements with banks will allow JLR to proceed with its investment plans in green technology and support the company through any further falls in new car sales.
Kenneth Gregor, the chief financial officer, said in a statement: "We are pleased our funding plans are progressing and appreciate the confidence shown by our banking partners in our business."
Last updated on Oct 7th, 2009 at 19:54 pm IST--IANS
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