Jaguar Land Rover has secured a £175 million loan from the State Bank of India.
JLR, which is owned by Indian firm Tata, says the loan is part of a £500m refinancing package designed to bring in new funds to the loss-making firm.
Jaguars could be made in China
Chief financial officer Kenneth Gregor said in a statement: “We are pleased our funding plans are progressing and appreciate the confidence shown by our banking partners in our business.”
JLR CEO David Smith said that production could be moved overseas to developing markets such as Russia, China and Brazil as part of its new business plan.
Last month, it said one of its two Midlands plants would close by 2014, with Solihull being the most likely candidate.
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