Tata's JLR gets UK govt nod on loan guarantee

Tata's JLR gets UK govt nod on loan guarantee

While making it clear that the primary financial responsibility of JLR rests with the Tatas, the UK continues to hold “confidential discussions” over both short and long-term financing and business plans, an official at the British government’s Department of Business, Enterprise and Regulatory Reform (BEFR) told PTI.

JLR, acquired by the Tatas in April last year for 1.15 billion pounds from US auto giant Ford, has been facing financial troubles due to the global economic slowdown, and the company had sought assistance from the government.

Earlier in a media interview, Tata group chief Ratan Tata had said that he only wanted the UK government to facilitate access to credit and not a bailout for JLR. Besides, some other media reports have said recently that talks between the Tatas and the UK government have hit an impasse.

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