Auto major TATA Motors said that its wholly owned European subsidiary TATA Motors European Technical Centre has got a loan of GBP 10 million from the UK government for its INR 195 crore electric car project.
The loan is under the UK government's Automotive Assistance Program to develop and manufacture the TATAT Indica Vista Electric Vehicle in the UK with an investment of GBP 25 million.
The statement added that "The TATA Indica Vista EV will be the first four-seater electric car with a range of up to 200 km to become available this year in Europe.”
UK based TATA Motors European Technical Centre is engaged in design engineering and development of automobiles.
The loan comes almost a month after TATA Motors abandoned seeking help from the UK Government for bailing out Jaguar Land Rover.
JLR secured long term loan of GBP 340 million from the European Investment Bank.
(Sourced from http://www.steelguru.com/news/index/2009/09/19/MTEyMzkz/TATA_Motors_gets_INR_78_crore_loan_from_UK.html)
Friday, September 18, 2009
TATA Motors gets INR 78 crore loan from UK
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