Finance for ailing car company

Thu, 08 Oct 2009



Troubled car manufacturer Jaguar Land Rover has secured major loans and finance facilities and may be able to now make progress in returning to profit. The lossmaking company is owned by Tata Motors of India, but has pulled together a 500 million lineup of finance facilities.

The chief financial officer at JLR, Kenneth Gregor, was reported in car finance news as commenting: "We are pleased our - funding plans are progressing and appreciate the -confidence shown by our banking partners in our business."

Despite long-running talks with the British Government, the group will not accept the terms attached to finance from this area. According to top executives, the future will see JLR sourcing one-third of its vehicles parts in the developing world, including India.
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