Indian conglomerate TATA Group has rejected a GBP 10 million British government loan, which was supposed to be used for developing an electric version of one of its existing models.
Sunday Times reported that "The Indian conglomerate TATA has snubbed Lord Mandelson, the business secretary, rejecting a 10 million pound loan for a technical centre in the Midlands.”
Quoting senior motor industry sources the report said the TATAs owner of premium car brands Jaguar and Land Rover and steel maker Corus has in the past few days told the government that it does not want the money. The newspaper citing sources said that "It has decided it can get better terms from commercial lenders.”
Mandelson had last month announced the loan saying that Britain was backing TATA’s research into electric cars.
The money was awarded as part of the Automotive Assistance Program a scheme that was designed to help the car industry overcome the worst of the recession and foster investment in new technology.
(Sourced from http://www.steelguru.com/news/index/2009/12/01/MTIyNzkz/TATAs_reject_GBP_10_million_loan_by_British_government_-_Report.html)
Monday, November 30, 2009
TATAs reject GBP 10 million loan by British government - Report
0 comments:
Post a Comment