Tata Motors, which acquired Land Rover and Jaguar last year, has announced that it won't need a UK government bailout now that it has completed funding arrangements with the European Investment Bank (EIB) and commercial lenders. Bloomberg reports, "Talks with some banks have been successfully concluded in the past few months and terms of a 340 million-pound ($560 million) loan from the EIB will be settled in coming weeks."
Tata, which is India's biggest truck maker, previously sought 500 million pounds in guarantees from the UK government to supplement the EIB funds. However, Bloomberg quotes BCG Partners Analyst Howard Wheeldon as saying that the terms offered by Britain were "neither commercially acceptable nor workable." Now, they won't be necessary. Reuters reports, "A UK government spokesman said...the company had secured a 175 million pounds private sector loan for JLR and no longer needs financial support from Britain."
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