Tata Motors owned JLR raises $705 million loan from Chinese banks

Jaguar Land Rover (JLR), owned by India`s Tata Motors , has entered into agreements with lenders in China for an unsecured 3-year term loan facility of 5 billion yuan ($704.50 million), marking its first debt financing in China, it said. The fundraising comes during coronavirus pandemic. Sales from China used to account for 25% to 30% of JLR`s global sales, but over the past two months make up 50%, Arthur Yu, JLR`s vice president said.