38.6c New Delhi, India, Friday, March 29, 2024
Business

Tata Motors-owned Jaguar Land Rover raises $705 million loan from lenders in China

By Priyam Jain      09 June, 2020 02:52 PM      0 Comments
Tata Motors owned Jaguar Land Rover

An arrangement for an unsecured three-year term loan facility of 5 billion yuan ($704.50 million) has been agreed upon by Tata Motors-owned Jaguar Land Rover (JLR) with Chinese lenders, marking its first debt financing in China. Chief Financial Officer and JLR’s Vice president Arthur Yu elucidated that Chinese banks that have promised to provide the three-year revolving loan include Bank of China, China Construction Bank, Bank of Communications, and Shanghai Pudong Development Bank. 

The fundraising was initiated in a time where the coronavirus pandemic has hit the global automakers’ supply chains and sales. The statement also revealed that JLR’s China sales would account for about 25 to 30 percent of the company’s global sales, however, over the past two months the sale has made up about 50 percent. The agreement is expected to allow JLR China to better manage cash flow amid the coronavirus epidemic. 

JLR reported that its China sales in April 2020 were at par with the same period last year and that it has seen growth in May. JLR which imports cars is said to have a long-standing manufacturing partnership in the Chinese eastern city of Changshu with Wuhu-based Chery Automobiles. It is further predicted by Yu that China’s luxury car segment this year is expected to be at level with last year with a possibility of slight growth.

 

 



Share this article:



Leave a feedback about this
TRENDING NEWS

arvind-kejriwals-plea-for-interim-release-rejected-by-delhi-high-court
Trending Judiciary
Arvind Kejriwal's plea for interim release rejected by Delhi High Court [Read Order]

Delhi High Court rejects Arvind Kejriwal's plea for interim release in money laundering case related to liquor policy scam, pending ED's response.

28 March, 2024 10:50 AM
youtuber-strings-plea-against-youtube-accounts-suspension-andhra-pradesh-hc-issues-notice-to-centre-google
Trending Top Stories
BREAKING: Youtuber String’s plea against Youtube accounts suspension: Andhra Pradesh HC issues notice to Centre, Google

Andhra Pradesh High Court issues notice to the Centre and Google LLC on Youtube journalist String’s plea against suspension of its accounts by Google (which owns Youtube).

28 March, 2024 11:26 AM

TOP STORIES

delhi-liquor-scam-court-remands-arvind-kejriwal-to-ed-custody-till-march-28-read-remand-application
Trending Judiciary
Delhi liquor scam: Court remands Arvind Kejriwal to ED custody till March 28 [Read Order]

Delhi liquor scam: Arvind Kejriwal remanded to ED custody till March 28. Court grants agency permission for interrogation in liquor policy case.

23 March, 2024 11:53 AM
sc-dismisses-centres-plea-for-review-of-judgment-directing-ed-to-furnish-written-grounds-of-arrest-to-pmla-accused
Trending Judiciary
SC dismisses Centre’s plea for review of judgment directing ED to furnish written grounds of arrest to PMLA accused [Read Order]

Supreme Court dismisses Centre's plea, upholds judgment mandating Enforcement Directorate to provide written grounds of arrest in PMLA cases.

23 March, 2024 03:14 PM
kerala-hc-to-hear-lesbian-couples-plea-against-forced-conversion-therapy-on-april-9
Trending Judiciary
Kerala HC to hear lesbian couple’s plea against forced conversion therapy on April 9

Kerala HC will hear a lesbian couple’s plea highlighting that one of them was subjected to forced conversion therapy.

23 March, 2024 03:30 PM
how-can-people-be-compelled-to-vote-madras-hc-asks
Trending Judiciary
“How can people be compelled to vote? Madras HC asks

“How can people be compelled to vote?”, the Madras HC queried in a plea asking employers in Tamil Nadu to demand proof from employees of having voted on polling day.

23 March, 2024 05:04 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email