Jaguar Land Rover denies bid to raise £1 billion for Chinese deal
Jaguar Land Rover, which is owned by India's Tata Motors , yesterday flatly denied that it was preparing to raise $1 billion from Chinese investors with a bond issue .
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"It's completely untrue. We're categorically denying it. We might raise funds as a business in the future, but currently we have no plans for raising funds," a Jaguar Land Rover spokesman said, according to the Wall Street Journal.
The spokesman was responding to an article in the Sunday Times which said Jaguar Land Rover was preparing the bond issue in Beijing or Shanghai later this year.
The report said Jaguar Land Rover would use the cash to pay for its joint venture with Chery, the Chinese car maker.
The money could also be used to help to pay for the company's planned £10 billion expansion programme in Britain over the next five years, including 40 new vehicles., said the Sunday Times , citing a source.