Jaguar Land Rover secure private funding
* Government money not needed * Private investment secured * Future models safe...
Jaguar Land Rover's future looks more secure, after it revealed that it no longer needs Government cash.
Indian owners Tata had previously sought Government loans to secure JLR's short-term future, but state cash is no longer needed because extra funding has been sourced from the private sector.
'A clear sign of confidence'
Business secretary Lord Mandelson said: 'The fact that the banks and commercial capital markets are meeting JLR's funding is a clear sign of confidence in the company, its products and the automotive sector.
'We understand the Tata group will now be successful in resolving longer-term financial needs, but we are willing to help again if necessary. This is a good and encouraging outcome for JLR, its workforce and its supply chain.'
Jaguar Land Rover CEO David Smith said: 'It is a positive sign for our business that we have been able to attract sufficient funding for our short-term needs through normal commercial means. This has always been our desired route and it clearly demonstrates recognition of the inherent strength in our business and faith in our future business plans.
'We have been forced to take unprecedented actions through this tough economic crisis and the environment is still very challenging. It will continue to be so for some time to come and we will continue to take further actions to secure the future of the business.'