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Business News 2009
Business News->Jaguar Land Rover Funding Issues Settled - No Bailout needed
Jaguar Land Rover Funding Issues Settled - No UK Government bailout needed

(11 August 2009)

Ratan TataThe Government today welcomed news that Tata has secured private sector funding for Jaguar Land Rover’s (JLR’s) short term financial needs and that UK Government support for the car manufacturer is not now needed. The Jaguar Land Rover business employs some 14,641 people, predominately in the UK, including some 3,500 engineers at two product development centres in Whitley, Coventry and Gaydon, Warwickshire. The business is a major wealth generator for the UK with 78 percent of Land Rovers exported to over 160 countries and 70 percent of Jaguars exported to 63 countries, with sales to customers conducted principally through franchised dealers and importers.



The Jaguar XF, XJ and XK models are manufactured at the company's Castle Bromwich plant in Birmingham, while the Jaguar X-TYPE is currently produced alongside the Land Rover Freelander 2 at the Halewood plant in Liverpool until the end of 2009. Land Rover's Defender, Discovery 3, Range Rover Sport and Range Rover models are all built at the Solihull plant. JLR plays a vital role in the UK car industry. It spends more than £400m a year on research and development and will be a key player in the UK’s transition to a low carbon future.

Business Secretary Peter 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. This additional funding will allow JLR to invest in future models and successfully launch the new XJ saloon on schedule and updated Land Rover models later this year.

“The Government had offered bridging finance from the Automotive Assistance Programme if necessary. 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.”

The Government was advised during negotiations by KPMG, Clifford Chance and Rothschilds.

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