Jaguar Land Rover Boosted By GBP175m Loan

Mon, 12 Oct 2009

Jaguar Land Rover (JLR) has boosted its funding facilities with a £175 million loan from the State Bank of India .

The new loan facility means the troubled carmaker has now secured £500 million of new finance this year, with the remaining funds coming from ABC International Bank, Standard Chartered, Bank of Baroda, and Burdale Financial Limited, a subsidiary of the Bank of Ireland .

JLR said the new facilities will allow the company proceed with its investment plans in green technology and help it survive any further falls in new car sales.

Chief finance officer Kenneth Gregor said the Tata-Motors-owned firm was pleased with the progress of its funding plans and appreciates the support from its banking partners.

India-based Tata Motors acquired Jaguar Land Rover from Ford in June 2008, in a deal worth £1.7 billion.

However, in the ten months to March 2009 the car giant lost some £280 million, with sales falling by almost as the recession continued to take its toll on the motoring industry.

Last month, the carmaker said it planned to close one of its two West Midlands plants by the middle of the next decade as part of a large restructuring drive to make the company more efficient.
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