Wednesday, December 31, 2008
Tata motors to inject 'tens of millions' into Jaguar Land Rover
India's Tata Motors Ltd has agreed to inject "tens of millions" of pounds into Jaguar Land Rover to prevent an immediate cash flow crisis, the Financial Times reported on December 22.
The move by Tata, which bought the luxury carmaker earlier this year for $2.3 billion from Ford Motor Co, comes on top of "hundreds of millions" of working capital it has provided to the British firm, the paper said citing sources close to Tata.
Car makers around the globe have been hit by a collapse in demand as the economic slowdown spreads and access to credit is choked off by the financial crisis.
The Times newspaper reported on Dec. 22 that the prospect of British government assistance worth "tens of millions" of pounds to help keep Jaguar Land Rover afloat had helped the company's owners to secure last-minute funding from the banks.
To read the full article, click here..
To read the ePaper, visit: http://www.newsindia-times.com
The move by Tata, which bought the luxury carmaker earlier this year for $2.3 billion from Ford Motor Co, comes on top of "hundreds of millions" of working capital it has provided to the British firm, the paper said citing sources close to Tata.
Car makers around the globe have been hit by a collapse in demand as the economic slowdown spreads and access to credit is choked off by the financial crisis.
The Times newspaper reported on Dec. 22 that the prospect of British government assistance worth "tens of millions" of pounds to help keep Jaguar Land Rover afloat had helped the company's owners to secure last-minute funding from the banks.
To read the full article, click here..
To read the ePaper, visit: http://www.newsindia-times.com
Labels: British firm, Ford Motor Co, Jaguar Land Rover, luxury carmaker, Tata Motors Ltd
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