Tatas-owned British marquees Jaguar Land Rover (JLR) has secured a three-year financing facility worth up to 75 million pounds from London-based banking entity Burdale Financial.
JLR today confirmed that it has secured a financing facility for up to 75 million pounds from Burdale, which is a part of the Bank of Ireland Group.
"The package consists of a three-year committed facility to finance Land Rover's Parts and Accessories' inventories and receivables in the United Kingdom and the United States," the firm told PTI in an emailed statement.
The company's CFO Ken Gregor said in the statement, "Jaguar Land Rover is pleased to have concluded this facility which is an important element of our working capital financing arrangements."
According to the company, the financing facility is not part of JLR's application for funds from the UK, for which discussions are continuing.
The luxury car maker has applied to the UK government's Automotive Assistance Programme.
Tatas acquired JLR from American auto maker Ford Motor for about $2.3 billion last year.