UK govt ready to guarantee loans for Tatas' JLR

Mumbai, May 18: After holding discussions with the Tata Group-owned luxury car maker Jaguar Land Rover (JLR) on guaranteeing loans, the British government on Monday, May 18 said that it is ready to guarantee loans to Indian conglomerate Tata group-owned Jaguar Land Rover.

The UK government is now in talks with the European banks in the behalf of the car maker. An official at the British government's Department of Business, Enterprise and Regulatory Reform (BERR) has reportedly revealed that even though the primary financial responsibility is with the Tatas, UK continues to hold 'confidential discussions' over both short and long-term financing and business plans.

Tatas acquired the JLR in Apr '08 for 1.15 billion pounds from Ford. It is now facing trouble financially due to the global economic crises. This made the company seek financial aid.

Earlier, Ratan Tata had it clear that he expected the government to provide aid and in order to facilitate access to credit and not a bailout package.

OneIndia News