After cyber-attack good news for Noel Tata’s this company, gets Rs 178615200000 loan guarantee by…, to support…

Britain’s largest car manufacturer said the Global Parts Logistics Centre, which supplies parts to distribution centres for its retail partners in the UK and around the world, is returning to “full operations”.

The UK government on Sunday announced a loan guarantee of up to £1.5 billion to support Jaguar Land Rover (JLR), calling it an “iconic British brand.” The Tata Motors-owned automaker has been reeling from a major cyber-attack that forced a production shutdown earlier this month, disrupting its supply chain.

The loan will be provided by a commercial bank and backed by the Department for Business and Trade’s (DBT) Export Development Guarantee (EDG), administered through UK Export Finance. It will be repayable over five years.

The measure to improve JLR’s cash reserves and ensure stability across its supply network, particularly for small and medium-sized enterprises (SMEs) that have been struggling to cope with the impact of the disruption.

Tata Motors Jaguar Land Gets UK Govt Loan Guarantee 

“This cyber-attack was not only an assault on an iconic British brand, but on our world-leading automotive sector and the men and women whose livelihoods depend on it,” said Peter Kyle, Business and Trade Secretary.

“Following our decisive action, this loan guarantee will help support the supply chain and protect skilled jobs in the West Midlands, Merseyside and throughout the UK,” he said.

The minister said it was a vote of confidence in the country’s automotive sector, which stands to benefit in the long term through “landmark trade deals” including the Free Trade Agreement (FTA) with India.

“Jaguar Land Rover is an iconic British company which employs tens of thousands of people – a jewel in the crown of our economy. Today we are protecting thousands of those jobs with up to 1.5 billion pounds in additional private finance, helping them support their supply chain and protect a vital part of the British car industry,” said Chancellor Rachel Reeves.

JLR To Come Back To Regular Operations?

In an update issued on Thursday, JLR said it is working to clear the “backlog of payments” to its suppliers by increasing its processing capacity for invoicing.

“As part of the controlled, phased restart of our operations, we have informed colleagues, suppliers and retail partners that sections of our digital estate are now up and running,” the JLR statement said.

“The foundational work of our recovery programme is firmly underway. We have significantly increased IT processing capacity for invoicing. We are now working to clear the backlog of payments to our suppliers as quickly as we can,” it said.

“This will enable our retail partners to continue to service our clients’ vehicles and keep our customers mobile. The financial system we use to process the wholesales of vehicles has been brought back online and we are able to sell and register vehicles for our clients faster, delivering important cash flow,” it added.

JLR said its teams continue to work around the clock alongside cybersecurity specialists, the UK government’s National Cyber Security Centre (NCSC) and law enforcement to ensure the restart of full operations takes place in a “safe and secure manner” following a “difficult time for all connected with JLR”.

(With Inputs From PTI)