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ag-Land Rover to drive away with 50% of relief funds...
Jason Michaels - Thursday, March 05, 2009
NEW DELHI/LONDON: Jaguar Land Rover (JLR) will get around $1.25 billion in assistance from the UK government’s package for the automobile industry, say people with knowledge of the development. That’s around half the $2.3 billion price paid by Tata Motors for the two British marquee brands. Tata Motors took a $3-billion bridge loan to finance the deal.
The details of the $3.2-billion special loan package are still being negotiated among various car companies and the UK government. A spokesperson for JLR said, “We have yet to receive any money, and we’re not sure how much credit we will eventually get. The situation is as it was, because the bank credit situation has not changed either.”
Discussions are currently on about the ways and means of distributing the money and it is not yet clear exactly how the loan will be disbursed.
When contacted by ET, Don Hume, director corporate and government affairs, Jaguar-Land Rover said: “It would not be true to say that Jaguar Land Rover is to receive about $1.25 billion through the UK government support package for the automotive industry. We are encouraged that the government took the step of announcing a support package and welcome the news that it has received EU approval, but we still await further briefings on this. We (the industry) are, however, stressing on the need for urgent implementation of the package.”
[fed from - http://economictimes.indiatimes.com...]
Jason Michaels - Thursday, March 05, 2009
NEW DELHI/LONDON: Jaguar Land Rover (JLR) will get around $1.25 billion in assistance from the UK government’s package for the automobile industry, say people with knowledge of the development. That’s around half the $2.3 billion price paid by Tata Motors for the two British marquee brands. Tata Motors took a $3-billion bridge loan to finance the deal.
The details of the $3.2-billion special loan package are still being negotiated among various car companies and the UK government. A spokesperson for JLR said, “We have yet to receive any money, and we’re not sure how much credit we will eventually get. The situation is as it was, because the bank credit situation has not changed either.”
Discussions are currently on about the ways and means of distributing the money and it is not yet clear exactly how the loan will be disbursed.
When contacted by ET, Don Hume, director corporate and government affairs, Jaguar-Land Rover said: “It would not be true to say that Jaguar Land Rover is to receive about $1.25 billion through the UK government support package for the automotive industry. We are encouraged that the government took the step of announcing a support package and welcome the news that it has received EU approval, but we still await further briefings on this. We (the industry) are, however, stressing on the need for urgent implementation of the package.”
[fed from - http://economictimes.indiatimes.com...]
