EIB lends $518 million to Tata Motors' Jaguar Land Rover unit

Tata Motors announces the completion of a $518 million eight-year amortising loan from the European Investment Bank to its Jaguar Land Rover unit.

Tata Motors has obtained a 340 million $518 million loan from the European Investment Bank EIB for its Jaguar Land Rover JLR unit, which will be used to finance the development of a hybrid and clean-energy luxury car range.

The facility, which was completed last Thursday, is denominated in sterling, has an eight-year maturity and an amortising structure.

The loan was initially approved by EIB in April 2009. However, JLR had sought to get a guarantee on the...

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