Jaguar Land Rover (JLR) has secured further funding worth GBP175m in the form of a loan from the State Bank of India.
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The loss-making car company, owned by Tata, is being squeezed by falling sales and cost pressures. It announced last month that it will close a plant by the middle of the next decade.
Funding to get the firm through the industry’s downturn has been a controversial area with the UK government and Tata at odds over the conditions that would apply to UK government assistance.
However, JLR has now secured GBP500m of new funding this year 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,” said Jaguar’s chief finance officer Kenneth Gregor.
