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This is an archive article published on July 19, 2009
UK asks Tatas to accept revised JLR proposal
The UK Government has asked Indian conglomerate Tatas to accept a revised proposal to guarantee hundreds of millions of pounds of short-term funding for luxury brands Jaguar Land Rover or risk the plan being taken off,says a media report.
The UK Government has asked Indian conglomerate Tatas to accept a revised proposal to guarantee hundreds of millions of pounds of short-term funding for luxury brands Jaguar Land Rover or risk the plan being taken off,says a media report.
UK Business Secretary Lord Mandelson has warned Tatas 8212; the owner of Jaguar Land Rover 8212; to accept a revised proposal to guarantee hundreds of millions of pounds in short-term funding or risk seeing it taken off the table,The Telegraph has reported.
Quoting people close to the situation,the report said,
8220;Ministers were surprised that Tatas had not yet provided a response to the latest proposal8221;.
8220;The warning is understood to have been delivered by Lord Mandelson to Tata Motors in recent days following a fresh funding proposal that was made by the Government earlier this month,8221; the publication said in a report published online on Saturday.
According to the newspaper,at stake is a Government guarantee for 340 million euros 290 million pounds of European Investment Bank loans.
Further,a separate short-term commercial loan of up to 200 million pounds is also understood to be being negotiated by the company before a longer-term financing structure is established,it added.
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