Jaguar Land Rover secures further funding
In what is becoming an embarrassing situation for the UK government, which has over £2.5 billion to hand to help the UK car industry, Tata Motors (the parent company of Jaguar Land Rover) has today announced a £175 million loan from the State bank of India. The company now has around £500 million in additional finance available from a number of banks and financial institutions around the world. However, the UK government is absent from this list of financial supporters even though the company generates significant UK output and job opportunities.
Even though the company's immediate financial future is secure there are concerns about potential factory closures in the medium to longer term. The company made a £62 million loss in the first quarter of its financial year in 2009 although the situation has become a little brighter over the last few weeks. The UK car industry was already on its knees after a reduction in the size of the sector back in the 1980s and 1990s, and while the situation has improved in the short term, due in the main to the UK government's car scrappage scheme, there are still long-term concerns about the UK car manufacturing sector.
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