Tata Motors has obtained a 340 million $518 million loan from the European Investment Bank EIB for its Jaguar Land Rover JLR unit, which will be used to finance the development of a hybrid and clean-energy luxury car range.
The facility, which was completed last Thursday, is denominated in sterling, has an eight-year maturity and an amortising structure.
The loan was initially approved by EIB in April 2009. However, JLR had sought to get a guarantee on the facility from the UK government and when it became apparent that the government's terms were too stringent, JLR turned to local and international banks to provide the guarantees, delaying the completion of the deal.
Bank...
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