LONDON Nov 16 Jaguar Land Rover is expected
to announce on Monday that it has secured a 170-million-pound
($282.5 million) working capital facility from GE Capital
[GECAIC.UL], the Financial Times newspaper said.
The five-year loan would help the money-losing car company,
owned by India's Tata Motors (TAMO.BO), as it is struggling in
the global financial downturn.
The loan will be drawn down as soon as vehicles are made in
its three UK production lines, the paper said.
It will boost the working capital for Jaguar by shortening
the 30- to 40-day gap it has to wait between producing cars and
delivering them to dealerships, the paper said.
"We are talking to several other European carmakers about a
similar facility, but as far as we know, this is the first of
its kind," Rich Green, chief executive officer of GE Capital's
distribution finance business said in the Financial Times.
No one at Jaguar Land Rover was immediately available to
(Reporting by Sharon Lindores; Editing by Jan Paschal)