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AutoBlog: Tata gets private-sector loan, doesn't need UK government money

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Filed under: Europe, Government/Legal, Jaguar, Land Rover, Earnings/Financials, UK, Tata

tata_loan_good.jpg

Tata's target was £1 billion ($1.65B U.S.) in loans to keep the JLR group going. And while Tata is in talks with the U.K government about providing a large chunk of that, some of the government's terms -- like veto power over management decisions-- prevented Tata from pulling the trigger.

A measure of success has been achieved with the announcement that Tata has secured a £175 million ($289M U.S.) loan from private sources. Those funds mean that Tata doesn't need the government's money. It also means short cuts won't need to be taken during the current launch of the new XJ and launch of the facelifted Rovers later this year.

[source: Automotive News - Sub. Req.]

Tata gets private-sector loan, doesn't need UK government money originally appeared on Autoblog on Thu, 13 Aug 2009 08:59:00 EST. Please see our terms for use of feeds.

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