11 August, 2009
Tata Motors and Jaguar Land Rover have been in discussions with commercial banks for Jaguar Land Rover funding facilities, many of which have been successfully concluded in the last few months and the balance is expected to be completed in the coming weeks.
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.
About Tata Motors
Tata Motors is India’s largest automobile company, with consolidated revenues of Rs.70,938.85 crores ($ 14 billion) in 2008-09. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand and Spain. Among them is Jaguar Land Rover, the business comprising the two iconic British brands. It also has an industrial joint venture with Fiat in India. With over 4 million Tata vehicles plying in India, Tata Motors is the country’s market leader in commercial vehicles and among the top three in passenger vehicles. It is also the world’s fourth largest truck manufacturer and the second largest bus manufacturer. Tata cars, buses and trucks are being marketed in several countries in Europe, Africa, the Middle East, South Asia, South East Asia and South America. (www.tatamotors.com )
About Jaguar Land Rover
Jaguar Land Rover is a business built around two great British car brands that design, engineer and manufacture in the UK. Jaguar Cars Limited, founded in 1922, is one of the world’s premier manufacturers of luxury saloons and sports cars. Since 1948 Land Rover has been manufacturing authentic 4x4s that define ‘breadth of capability’ in their segments. The Jaguar XF, XJ and XK models are manufactured at the company’s Castle Bromwich plant in Birmingham, while the Jaguar X-TYPE is produced alongside the Land Rover Freelander 2 at the Halewood plant in Liverpool. Land Rover’s Defender, Discovery 3, Range Rover Sport and Range Rover models are all built at the Solihull plant. The Jaguar Land Rover business employs some 14,500 people, predominately in the UK, including some 3,500 engineers at two product development centres in Whitley, Coventry and Gaydon, Warwickshire. The business is a major wealth generator for the UK with 78 percent of Land Rovers exported to 169 countries and 70 percent of Jaguars exported to 63 countries, with sales to customers conducted principally through franchised dealers and importers.