Jaguar Land Rover has secured a £340 million loan from the European Investment Bank to help fund development of hybrid powertrains and more energy-efficient car bodies.
The eight-year loan has guarantee support from leading banks, including Credit Suisse.
Mr. Ravi Kant, Vice Chairman of Tata Motors, said: "We are very happy with the support extended to us by the European Investment Bank, State Bank of India, Credit Suisse, and other banks. This will support the progress of turnaround in Jaguar Land Rover's business in challenging market conditions, alongside cost cutting measures, increase of volumes and the improved margins strategy currently being implemented by Jaguar Land Rover."
The EIB loan completes the last major element of the funding plan for Jaguar Land Rover. Last year the company secured over £500 million of funding.
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