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JLR boost for greener cars

EMBATTLED Jaguar Land Rover has received a £340m loan to build greener cars.

EMBATTLED Jaguar Land Rover has received a £340m loan to build greener cars.

The car marque will use the funding, from the European Investment Bank (EIB), to invest in more energy-efficient technology.

Indian owners Tata say that the loan is the final stage in its plan to re-finance the firm - which is due to close either its Castle Bromwich or Solihull plant.

Ravi Kant, Tata Motors chairman, said: “This will support the progress of turnaround in Jaguar Land Rover’s business in challenging market conditions.

“We view Jaguar Land Rover as a key part of Tata Motors and we feel confident about its outlook for the future.”

But cost-cutting measures have also been mentioned as part of the plan.

Jaguar Land Rover has been in talks with the European Investment Bank since last year. It had previously secured funding from State Bank of India, Credit Suisse and other banks.

Simon Brooks, vice president of the EIB, said the money would help produce “environmentally friendly” vehicles during a challenging time for the European motor industry.

 

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