We want access to credit, not bailout: Tata to Britain | world | Hindustan Times
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We want access to credit, not bailout: Tata to Britain

world Updated: May 10, 2009 17:17 IST

PTI
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Criticising the British government for ignoring the manufacturing sector, Indian industrialist Ratan Tata has said he was not asking for a bailout but only a "facilitation of access to credit on commercial terms" for his businesses in the UK.

In an interview published in British newspaper Sunday Times, Tata 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 follows reports about the UK government denying financial aid to Jaguar and Land Rover, the iconic car brands acquired by Tatas last year.

"I would like to see the British government playing only one role. It controls the banks, and all I seek is the facilitation to provide access to credit on commercial terms. It's not a bailout," Tata said.

Tata is one of the largest inward investors in Britain. Besides JLR and Corus, which together employ about 40,000 people, the Indian conglomerate also owns Tetley Tea and is also present in the UK through other businesses such as chemicals and IT.