Jaguar Land Rover loan

Jaguar Land Rover gets £175m loan
Jaguar Land Rover has secured additional funding worth £ 175M in the form of a loan from State Bank of India, said the car maker.
The company is struggling against falling sales in decline, and have been looking at a number of refinancing packages in recent months. The British government had offered to support, but the Indian owner of Jaguar, Tata, said conditions were too "heavy".

The vehicle manufacturer has secured £ 500m of new funding this year.It has come from a variety of sources, including Standard Chartered Bank, Bank of Boroda and Burdale Financial AS - a subsidiary of Bank of Ireland.

"We are delighted to support our plans progress, and appreciate the confidence from our banking partners in our industry," said Jaguar senior finance officer Kenneth Gregory.

Jaguar Land Rover big losses

Last month the automaker announced it will close one of its West Midlands plants in the middle of the next decade - either the Castle Bromwich factory in Birmingham and the factory in Solihull.

The closure is part of a cost saving exercise to create more efficient automakers. It lost £ 280M in 10 months to the end of March, when sales fell by nearly a third. Tata has bought Jaguar Land Rover for $ 1.7 billion in June 2008 from Ford.

It currently has 14,500 people who have made 450 redundancies in the early years. The company is based in Gaydon, Warwickshire, and has a factory in Halewood, Merseyside, and the two in the West Midlands.
source:www.news.bbc.co.uk