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JLR gets $284 mn loan from GE Capital: Report
London, Nov 16: According to a media report, Jaguar Land Rover (JLR) has secured a 284 million dollar loan from GE Capital to strengthen its financial position.
"Jaguar Land Rover will announce on Monday, Nov 16 that it has secured a new 170 million pound working capital facility from GE Capital," the Financial Times reported.
"The five-year loan is an important step for the loss-making car company owned by India's Tata Motors, as it seeks to shore up a financial position weakened by the credit crisis and falling sales of its luxury vehicles," the daily said.
JLR would avail the loan from GE Capital as soon as it rolls off its three UK production lines.
"It will boost working capital within the company by shortening the 30-40 day gap it typically has to wait between producing hundreds of thousands of cars a year and delivering them to dealerships in 90 countries," it added.
OneIndia News
