Tata Motors gets Rs 78 cr loan from UK govt for electric car
Auto major Tata Motors today said its wholly-owned European subsidiary, Tata Motors European Technical Centre, has got a loan of 10 million pounds (Rs 78 crore) from the UK government for its Rs 195 crore electric car project.
The loan is under the UK government's Automotive Assistance Programme (AAP), to develop and manufacture the Tata Indica Vista Electric Vehicle in the UK with an investment of 25 million pounds (about Rs 195 crore), the company said in a statement.
"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," it added.
UK-based Tata Motors European Technical Centre (TMETC) is engaged in design engineering and development of automobiles.
The loan comes almost a month after Tata Motors abandoned seeking help from the UK Government for bailing out Jaguar Land Rover (JLR).
JLR secured long term loan of 340 million pounds (about Rs 2,650 crore) from the European Investment Bank (EIB).