Author: By Peter Woodman, Press Association
It means that JLR, which has been months in negotiations with the UK
Government over possible funding, will not now need any state money.
The deal was immediately welcomed by Business Secretary Lord Mandelson, who
said it was a “good and encouraging outcome” for JLR and its workforce.
Tata Motors of India bought JLR from Ford last year and first approached the
Government for funding last September.
The Jaguar XF, XJ and XK models are manufactured at JLR’s Castle Bromwich
plant in Birmingham, while the Jaguar X-type is currently produced alongside
the Land Rover Freelander 2 at the Halewood plant in Liverpool until the end
Land Rover’s Defender, Discovery 3, Range Rover Sport and Range Rover models
are all built at the Solihull plant.
JLR employs nearly 15,000 people, most of whom work in the UK, including
around 3,500 engineers at two product development centres at Whitley in
Coventry and Gaydon in Warwickshire.
Lord Mandelson said today: “The fact that the banks and commercial capital
markets are meeting JLR’s funding is a clear sign of confidence in the
company, its products and the automotive sector.
“This additional funding will allow JLR to invest in future models and
successfully launch the new XJ saloon on schedule and updated Land Rover
models later this year.”
He went on: “The Government had offered bridging finance from the automotive
assistance programme if necessary. We understand the Tata group will now be
successful in resolving longer-term financial needs but we are willing to
help again if necessary.
“This is a good and encouraging outcome for JLR, its workforce and its supply
News of the JLR finance deal came a short time before the Serious Fraud Office
announced it would not be starting a criminal investigation into the
collapse of car maker MG Rover.
View full article here
Author: Ezine Article BoardThis author has published 5773 articles so far.