British Government grants 10-million-pond loan for Tata Motors’s ‘green’ car

September 19th, 2009 LONDON - After a five-month delay, the British government has announced a 10 million pound loan to Tata Motors to support the production of electric cars in Britain. The loan, sanctioned way back in April, has been awarded under the automotive assistance programme to help the company manufacture the Tata Indica Vista four-seat electric car.

August 11th, 2009 Jaguar Land Rover secures private fundingLONDON — The Indian owner of car and sport-utility vehicle maker Jaguar Land Rover said Tuesday it no longer needs government funding after securing a 175 million pound ($288 million) private sector loan. Tata Motors said it has secured some direct bank loans as well as guarantees that will allow it access to European Investment Bank funds.

July 21st, 2009 LONDON - Britain's Business Secretary Lord Peter Mandelson has urged Tata Motors to respond quickly to a revised offer of government funding for its luxury Jaguar Land Rover (JLR) brands. Tata Motors, advised by Citigroup and Standard Chartered, is seeking a government guarantee for a 340-million-pound, three-year European Investment Bank loan, plus guarantees for private bank loans worth nearly 500 million pounds.

July 19th, 2009 LONDON - British Business secretary Lord Mandelson has warned Tata Motors, the owner of Jaguar Land Rover (JLR), to accept a revised proposal to guarantee hundreds of millions of pounds in short-term funding or risk seeing it taken off the table. Following a fresh funding proposal that was made by the British Government earlier this month, Mandelson warned Tata Motors recently.

July 19th, 2009 LONDON - Tata Motors executives will warn Business Secretary Lord Mandelson that they will scrap plans to build electric cars in the UK if it does not receive a 10 million pound loan soon. The company is furious after being told by officials from Mandelson's Business Department last week that it needed more time to find out if the venture will be considered for the loan, taking the total waiting time to six months.

June 28th, 2009 MUMBAI - Tata Motors, one of India's top automobile manufacturers, launched its Jaguar, Land Rover brands in India on Sunday. Addressing a press conference here on the occasion, Ratan Tata, the chairman of the Tata Group, said: "It's quite a memorable day in the history and heritage of Tata Motors...JLR has been well received and well established in India (in the past), but over the years this brand has been disconnected from India." "I think, the cars will exhibit the levels of technology and levels of performance here.

May 30th, 2009 MUMBAI - Tata Steel has reached an agreement with lenders of Tata Steel UK for resetting the covenants on the 3.7 billion pound loan raised for the acquisition of Anglo-Dutch steel maker Corus. This comes two days after group company Tata Motors announced a revision in the maturity deadline on the bridge loan for its acquisition of Jaguar Land Rover (JLR).

May 28th, 2009 NEW DELHI - Passenger and heavy vehicle manufacturer Tata Motors has extended the maturity deadline on a bridge finance of $1 billion raised for financing the Jaguar Land Rover (JLR) deal struck in March last year by 18 months till Dec 31 2010, the company said in a statement Thursday. This transaction was concluded amidst challenging market conditions in the global credit market and in the automotive sector.

May 15th, 2009 NEW DELHI - Tata group veteran Syamal Gupta has retired as chairman of Tata BP Solar after 53 years with India's largest industrial house. He will be succeeded by BP Solar's chief executive Reyad Fezzani.

May 7th, 2009 LONDON - : Tata Motors, the parent company of Jaguar Land Rover, has said that it will reject a British Government loan guarantee needed to save the troubled British carmaker. A Sky News report said that Jaguar Land Rover received a final offer on a 450 million pound loan from the business department last week, but the Government wanted a 15 percent commission on the loan.

April 30th, 2009 LONDON - The wrangling between the Treasury Department and the Lord Mandelson-led Business Department might delay an 800 million pound emergency package for the Tata owned Jaguar Land Rover. Jaguar Land Rover executives fear that even if they can agree terms with the Treasury for the refinancing it may be months before they receive the cash.

April 12th, 2009 LONDON - Carmaker Jaguar Land Rover (JLR) is in 'advanced talks' with British ministers, a banking syndicate and owner Tata Motors on a 800 million pound loan that could help save 15,000 jobs, a newspaper reported Sunday. The Sunday Times quoted unnamed sources as saying negotiations were at a delicate stage, and hinged on whether JLR could provide sufficient loan security to the government and a banking syndicate led by the Royal Bank of Scotland and Lloyds TSB.

February 22nd, 2009 NEW DELHI - Tata Motors chairman Ratan Tata was named Saturday 'The Automotive Man of the Year 2009', an award sponsored by news channel NDTV Profit to honour industrialists in the auto sector. Speaking of his selection for the honour, Tata said: 'This is a tremendous boost to my morale.' 'I hope we can sustain ourselves through this difficult period and thereafter, looking back, people could say an Indian group nurtured the British brand,' he said with reference to Tata Motors' acquisition of British luxury car brands Jaguar and Land Rover.

February 15th, 2009 NEW DELHI - India has increased its estimate for loans and grants for other countries this fiscal by 51.4 percent, with major loans to Nepal and the Maldives. The total non-plan loans and grants revised estimate is Rs.22.49 billion -- up from Rs.14.85 billion.

January 26th, 2009 LONDON - The British government Tuesday announced a loan guarantee scheme totalling 2.3 billion pounds ($3.2 billion) to help carmakers and supply industries. Business Secretary Peter Mandelson told parliament that the support would be given to prevent an 'irreversible loss of capacity' in British motor manufacturing.