New Delhi: Auto major Tata Motors on Friday said its wholly-owned European subsidiary, Tata Motors European Technical Centre, has got a loan of £10 million (Rs78 crore) from the UK government for its Rs195 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 (about Rs195 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 (about Rs2,650 crore) from the European Investment Bank (EIB).