Tata Motors, which has reported a quarterly loss caused by sliding sales of Jaguar and Land Rover cars, says it plans to raise at least 100 million of working capital for the two ailing UK car brands.
Tata Motors reported a net loss of 41million for the April-June 2009 quarter as Jaguar and Land Rover sales were 52 per cent lower compared to the year-ago quarter. In the equivalent quarter last year profits were 89m.
Tata says it is currently finalizing the 100m of loans from a number of commercial banks. The company also said that it expected vehicle sales to accelerate as the economy rebounded.However, analysts said that it would take much more than 100m to turnaround Jaguar Land Rover's fortunes, given the depressed state of the global car market. (Financial Times and other national newspapers: September 1).