With this, Tata has become the first company to secure a loan under the British government’s 2.3-billion pounds Automotive Assistance Programme scheme, eight months after its launch.
The loan from the government will support 25 million pounds of the Indian company’s own investment in plans to develop and manufacture Tata-branded electric cars in the UK. The company is now “considering locations” in Britain to set up a factory. An announcement is expected soon.
Published 19 September 2009, 15:40 IST