Jaguar Land Rover secures £500m in funding
Jaguar Land Rover has secured £500m funding facilities, including a £175m loan from the State Bank of India.
The Tata Motors-owned carmaker, which employs around 14,500 people in the UK, says it will now be able to go ahead with investment plans including the development of green technology.
In August, talks broke down with the UK Government but Tata said that it was close to agreeing deals with commercial banks.
It has recently secured a £57m export financing facility with ABC International Bank, with the remaining funding coming from Standard Chartered Bank, Bank of Baroda and Burdale Financial Limited.
The carmaker made around 450 staff redundant in the UK earlier this year.
In August, it reported a pre-tax loss of £62m during the fiscal first quarter, with sales down 52% during that period compared to a year ago.
It is planning to merge two of its three plants in England by 2014 as part of restructuring plans.
Tata Motors bought Jaguar Land Rover from Ford Motor Co last year for $2.3bn (£1.6bn).
