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| Tata Motors gets Rs 78 cr UK loan for electric car |
| BS Reporter / Mumbai Sep 19, 2009, 01:27 IST |
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Mumbai-based auto maker Tata Motors today stated that its wholly-owned subsidiary Tata Motors European Technical Centre plc (TMETC) has received a loan of £10 million (Rs 78.81 crore) from the UK government for its £25 million (Rs 197 crore) electric car programme.
The loan has been granted under the Automotive Assistance Programme (AAP) to develop and manufacture the Tata Indica Vista Electric Vehicle in the United Kingdom, the company said in a statement today.
“The Tata Indica Vista EV will be the first four-seater electric car with a range of up to 200 km to become available this year in Europe,” the release added.
The electric Indica will be first launched in Norway. However, due to limited availability of lithium batteries, the company has not taken a call yet on expanding its reach to other developed markets.
The loan is part of the UK government’s attempt at promoting the low-carbon engineering sector, which would fully exploit the opportunities offered by green manufacturing.
TMETC was established by Tata Motors in September 2005 and is located in the UK West Midlands. The centre is engaged in advanced automotive technology and vehicle product development and employs 180 people, which will be increased to 440 by 2014, including 70 jobs created by the EV project.
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