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In 3 years, Gujarat Govt gives Rs 456-cr loan to Tata Nano #WTFnews

The state government officials had earlier stated that it is giving a soft loan to Tata Motors at 0.1 percent interest rate.

In 3 years, state gives Rs 456-cr loan to Tata Nano

  The Indian Express
 
 
Tata Nano

Tata Nano

By: Express News Service | Gandhinagar | Published on:March 19, 2015

In the last three years, Gujarat government has provided loans in excess of Rs 456 crore to Tata Motors Limited in connection with an agreement signed between the two for setting up a Tata Nano car manufacturing plant at Sanand.

According to figures provided in the Gujarat Assembly on Wednesday, the state government has given Tata Motors Rs 167.20 crore in 2012-13, Rs 252.34 crore in 2013-14 and Rs 37.25 crore in 2014-15 (till January 31, 2015).

These figures were provided in a written reply to a question posed by Congress MLA Shaktisinh Gohil where the member had asked about the quantum and time of loans provided to Tata Motors under the agreement between the automobile company and the state government.

This is perhaps for the first time the state government has made public the quantum of money it has loaned to Tata Motors for manufacturing a passenger vehicle that was termed as the “people’s car”.

The finer financial details of the agreement that was signed between Gujarat government and the Tata Motors, for setting up a Rs 2,000 crore Nano plant with an annual capacity of 2.5 lakh cars per annum, has not been made public.

The state government officials had earlier stated that it is giving a soft loan to Tata Motors at 0.1 percent interest rate.

Meanwhile, the Gujarat government is currently mulling over a proposal of Tata Motors to allow a new car to be produced at the Sanand plant alongside the Tata Nano, state government officials said.

“There has been no decision on this matter for the last several months,” a senior government official said.

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