Jaguar Land Rover says it had secured a 175 million pound loan
By Andrew C., 27 Aug, 2010. 0 Comments
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The State Bank of India will be providing Jaguar Land Rover with a 175 million pound ($277.7 million) loan. In addition, JLR, which is owned by Tata Motors Ltd., said it had also recently agreed to a new $90 million committed export financing facility with ABC International Bank. These two loans are part of 500 million pounds of new financing completed this year in line with its plan to enhance its funding. In a statement, Jaguar Land Rover Chief Financial Officer Kenneth Gregor said that the company is glad that funding plans are progressing. Last August, Tata Motors revealed that JLR made a pre-tax loss of 62 million pounds during the fiscal first quarter, and that the unit's sales had fallen about 52% in the quarter from the same period a year ago. Last September, JLR announced the merging of two of its three auto plants in England by 2014. There's no secret that the global economic downturn has been particularly tough on makers of luxury sedans and SUVs.
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