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Monday, November 30, 2009

Tatas rejects 10 mn pound loan by British govt

Tata Group has rejected a 10 million pound British government loan, which was supposed to be used for developing an electric version of one of its existing models, says a media report.

"The Indian conglomerate Tata has snubbed Lord Mandelson, the business secretary, rejecting a 10 million pound loan for a technical centre in the Midlands," the Sunday Times reported.

Quoting senior motor industry sources, the report said the Tatas, owner of premium car brands Jaguar and Land Rover and steel maker Corus, has in the past few days told the government that it does not want the money.

"It has decided it can get better terms from commercial lenders," the newspaper said citing sources.

Mandelson had last month announced the loan (10 million pound), saying that Britain was backing Tata's research into electric cars.

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