Jaguar Land Rover, owned by Tata group, is seeking 2 billion pounds in emergency funding from global banks, a report by the Economic Times said on September 29.
The move comes amid a production halt at JLR’ facilities in UK, Slovakia, Brazil and India due to a cyberattack in late August.
The 18-month credit facility will be utilized as an emergency fund to navigate the losses in revenue as the UK-based firm was forced to shutdown its systems and factories, the report said.
However, JLR’s Chinese joint venture is reported to be operational, ET said.
Tata group’s three banking partners- Standard Chartered Bank, Citi and MUFG- are likely to provide the credit line, the newspaper said.
Moreover, the British government is set to back the Tata Motors' unit for a $2 billion loan to ease the strain on suppliers hit by production halt.
The loan, to be provided by a commercial bank and guaranteed by UK Export Finance, will be repaid over five years, Bloomberg said citing the British government.
The UK labour government had been in talks to offer support to suppliers caught in the fallout of the hack, which forced some vendors to send staff home while others await payments from JLR. Britain’s largest carmaker employs 34,000 people in the UK, with a further 120,000 jobs in the country tied to its supply chain.
With agency inputs
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