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Sunday, July 19, 2009

Tatas threaten to scrap Vista electric launch

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London, July 19 India's Tata Motors has threatened to scrap its plan to launch Vista electric cars in the UK if it does not receive a 10 million pounds loan from the British government soon, The Observer reported today.

"The company is furious after being told by officials from (Secretary of State for Business, Innovation and Skills) Lord Peter Mandelson's business department that it needed more time to find out if the venture will be considered for the loan -- taking the total wait to six months," it said.

In April, Tata Motors registered its expression of interest to apply for the 10 million pounds loan to help launch the Vista electric vehicle, which was unveiled at the Geneva Motors Show this year, and build an assembly line for it in the UK.

Source: ptinews