JLR secures £175m loan

Jaguar Land Rover has secured further funding worth £175m in the form of a loan from the State Bank of India, the carmaker has said.

The firm is struggling against falling sales during the downturn and has been looking at a number of refinancing packages in recent months.

The UK government had offered support but the Indian owner of Jaguar, Tata, said the terms were too “onerous”.

The carmaker has now secured £500m of new funding this year.

It has come from a number of different sources, including Standard Chartered Bank, Bank of Boroda, and Burdale Financial Limited – a subsidiary of the Bank of Ireland.

“We are pleased our funding plans are progressing and appreciate the confidence shown by our banking partners in our business,” said Jaguar’s chief finance officer Kenneth Gregor.

Source: BBC News