Jaguar seeks state loan as coronavirus pandemic takes toll: Sky News – Reuters

Jaguar seeks state loan as coronavirus pandemic takes toll: Sky News – Reuters


Jaguar Land Rover unveils the fresh Jaguar F-Kind mannequin one day of its world premiere in Munich, Germany, December 2, 2019. REUTERS/Michaela Rehle

(Reuters) – Jaguar Land Rover (TAMO.NS) is in talks with the British authorities about a search info from for temporary-timeframe pronounce funding of larger than 1 billion kilos ($1.22 billion), Sky Records acknowledged on Saturday, a represent the corporate acknowledged used to be incorrect.

The loan search info from had been lodged with the Department for Alternate, Vitality and Industrial Blueprint, the Sky Records represent acknowledged, citing a source shut to Jaguar Land Rover, whose parent company is Tata Motors.

“The articulate is incorrect and speculative,” Jaguar Land Rover acknowledged in an emailed assertion to Reuters. The assertion acknowledged the corporate used to be in “unparalleled discussion with authorities on a entire vary of matters and the scream material of our non-public discussions remains confidential.”

The company just just currently restarted operations at Solihull plant in UK. “Manufacturing will resume at Halewood factory on 8 June, starting with one shift,” it acknowledged in a press originate on Wednesday.

Sky Records, citing a spokesman, acknowledged about 20,000 of its workers had been furloughed below the authorities’s emergency wage subsidy program.

On Would possibly possibly well perchance just 1, score agency Fitch downgraded its credit score standing to the corporate, asserting that “dangers of the COVID-19 pandemic to each and every search info from in JLR’s cease-markets and disruption to operations has increased additional”.

Sky Records acknowledged the authorities’s space on JLR’s most modern loan search info from used to be unclear this weekend.

Tata Motors didn’t straight answer to a Reuters search info from for commentary.

($1=0.8217 kilos)

Reporting by Roshan Abraham in Bengaluru; Extra Reporting by Aishwarya Nair. Editing by Jane Merriman and David Evans

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