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| JLR to launch models if funds are available |
| Press Trust of India / London May 10, 2009, 18:06 IST |
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India's leading industrialist Ratan Tata has said he would like to see Jaguar Land Rover (JLR) coming out with new products, including a sports car, provided his cash-starved company gets access to funds.
In an interview to the Sunday Times, Tata said Jaguar has dusted off plans for a sports car. "The E-type was iconic, so we have resurrected it," Tata said, adding that his company has also accelerated development of fuel-efficient hybrids.
Tata added that though he plans to come out of the recession with these new products in place but it would be remorseful if the meltdown continues and the company cannot get access to funds.
"The first thing that will happen will be that these products will go on hold and we will come out of the recession just as we went in," Tata told the Sunday Times.
He added that "I had hoped we would come out of it a new company."
In this regard the Sunday Times said, "remorse looks more likely" as having failed to raise bank loans to ease JLR through a disastrous slump in sales, Tata has asked the government for financial assistance.
So far the response from the government has been lukeworm, as the British government has come out with some imposing conditions which Tata does not like. "Unless the gulf can be bridged, the new E-type risks being parked on the drawing board," the report said.
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