Tata bought the luxury British marques from Ford for $2.3 billion in June 2008 and still owes $850 million on the $3 billion bridge loan that it took to help finance the purchase.
The Financial Times reported in July that Jaguar Land Rover in 2008 posted a net loss of $1.1 billion, primarily because of plunging sales in most major global markets. Since the takeover by Tata, JLR has lost more than $500 million.
In the six months from October 2008 through March 2009, Tata said Jaguar sales were down 20 percent and Land Rover sales were down more than 50 percent.
Tata said on Tuesday that it had secured an initial loan of $290 million and was negotiating to borrow additional funds from the European Investment Bank.
Inside Line says: The continuing sales declines at Jaguar Land Rover are critical because the luxury brands now account for more than half of the revenue at Tata Motors, which also makes the Nano microcar and the Indica subcompact. — Paul Lienert, Correspondent
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sane35 says:
09:01 AM, 07/08/2010
love this car wih i could afford one..