We want access to credit, not bailout: Tata

We want access to credit, not bailout: Tata
PTI
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First Published: Sun, May 10 2009. 09 33 PM IST
Updated: Sun, May 10 2009. 09 33 PM IST
London: Criticizing the British government for ignoring the manufacturing sector,Ratan Tata has said he was not asking for a bailout, but only a “facilitation of access to credit on commercial terms” for businesses in the UK.
In an interview published in British newspaper Sunday Times, he said: “We’re responsible for the fortunes of the company but this is a bone-dry situation in terms of access to credit. Nobody can operate on that basis unless you have large cash balances, which we don’t. My concern is that the government doesn’t appear to care about manufacturing.”
The comments follow reports about the UK government denying financial aid to Jaguar and Land Rover, brands acquired by Tatas last year.
Meanwhile, another British newspaper, The Guardian, reported that Tata is trying to raise up to £1 billion (Rs7,410 crore) by September to keep Jaguar and Land Rover afloat without government help.
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First Published: Sun, May 10 2009. 09 33 PM IST
More Topics: Tata | Ratan Tata | Credit | Government | Manufacturing |