TATA’s Land Rover seeks 781 m pounds in UK Govt. loans

April 3rd, 2009 - 5:18 pm ICT by ANI  

London, Apr. 3 (ANI): Tata, the Indian owners of Jaguar Land Rover, are seeking 781 million pounds in Government and European loans to safeguard the company’s future.

Jaguar Land Rover is one of a number of companies looking to tap into the 2.3 billion pounds aid package promised by Lord Mandelson.A spokesman insisted that it was seeking loans, which would be repaid, to fund the next generation of environmentally more friendly cars.

Beleaguered car manufacturers, who have been battered by the dramatic slump in demand in the latter half of last year, say action has to be taken to safeguard the 800,000 jobs supported by the industry.

They are also pushing for a scrappage scheme, which would see the owners of cars more than nine years old receiving a 2, 000 pound grant towards the purchase of a new replacement, The Telegraph reports.

In the case of Jaguar Land Rover, it means maintaining production at Halewood in Merseyside as well as Solihull and Castle Bromwich in the West Midlands. (ANI)

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