Tata Motors no longer needs UK funds for JLR

Tata Motors has secured private funding for British marquees Jaguar Land Rover and will no longer need funds from the UK government.

Tata Motors has secured private funding for British marquees Jaguar Land Rover and will no longer need funds from the UK government. It has been in discussions with commercial banks for JLR funding facilities,many of which have been concluded successfully.

Tata Motors and Jaguar Land Rover also expect that the long term loan from the European Investment Bank (EIB) of Pound 340 million,sanctioned to Jaguar Land Rover,can also be successfully secured in the coming weeks through appropriate commercial arrangements.

With the positive trend in the external environment in financial markets and improvement in general liquidity,these arrangements have been and are expected to be concluded without necessitating guarantees from the UK government,for which discussions had been ongoing for some time, Tata Motors said in a statement. Following this development,Tata Motors shares attracted buying support and closed with a gain of 6.81 per cent at Rs 428.25 on the BSE on Tuesday.

Welcoming the news that the Tatas has secured funding for JLRs short-term financial needs,the UKs Department for Business,Innovation and Skills,in a separate statement said that government support for the car manufacturer is not now needed. UK Business Secretary Peter Mandelson said the fact that the banks and commercial capital markets are meeting JLRs funding is a clear sign of confidence in the company,its products and the automotive sector. With agencies

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