LONDON — Troubled carmaker Jaguar Land Rover on Wednesday said it had secured a loan of 175 million pounds (189 million euros, 278 million dollars) from the State Bank of India.
"Jaguar Land Rover today announces a loan of 175 million pounds sanctioned by the State Bank of India," the group said in a statement.
Indian-owned JLR added that it had secured a total of 500 million pounds of loans so far this year.
"We are pleased our funding plans are progressing and appreciate the confidence shown by our banking partners in our business," said JLR chief financial officer Kenneth Gregor.
India's Tata Motors bought Jaguar Land Rover for 2.3 billion dollars last year but is struggling amid a downturn for the global car sector.
Over the past year, JLR has slashed production, axed 2,500 jobs, frozen pay and cancelled bonuses in response to the economic crisis.
The company last month said it would close a British factory over the next decade as part of a wider restructuring drive.
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