THE head of the Indian industrial giant Tata has spoken of his frustration that the aid requested by Jaguar Land Rover has so far failed to materialise.
And Ratan Tata has attacked critics who accused him of running to the UK government for help rather than use Tata’s resources to keep JLR going through the recession.
“Since acquisition we’ve either loaned or converted to equity to Jaguar Land Rover $1 billion over and above the acquisition,” he said.
“If the British government’s view is that we liquidate the rest of Tata to resurrect JLR, I think that’s unrealistic.
“If people say that we bought JLR and it’s up to us to fix it, I say where do we go for the fix?
“ There is no credit available from the banks, it’s simply not there.”
Mr Tata stressed that JLR was not asking for a bail-out, but access to finance on commercial terms, secured by a government facility.