Jaguar Land Rover receives a 340 million pound loan
By Andrew C., 27 Aug, 2010. 0 Comments
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A 340 million pound ($458 million) loan has been granted to Tata Motors' Jaguar Land Rover unit, marking the last major element of Tata Motor's funding plan. Tata Motors said that the loan from the European Investment Bank (EIB) will aid the company in developing micro and full hybrid drivetrains. The loan will also fund research into more energy efficient car bodies for Jaguar Land Rover. The EIB, the EU's finance arm, granted the eight-year amortizing loan under the European Clean Transport Facility. In a statement, Tata Motors vice chairman Ravi Kant said that this will support the progress of turnaround in Jaguar Land Rover's business in challenging market conditions, alongside cost cutting measures, increase of volumes and the improved margins strategy currently being implemented by Jaguar Land Rover. Tata said the EIB loan is part of the carmaker's efforts to strengthen the group's balance sheet. Tata Motors secured more than 500 million pounds of funding for Jaguar Land Rover from the international finance market in 2009. [via autonews - sub. required]
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