India’s Tata Group said it was “very close” to a deal that will release £500mn of UK taxpayers’ money to support greener steelmaking at its main British plant, in the first test of Labour’s industrial policy.
Natarajan Chandrasekaran, chair of the holding company for the Indian conglomerate, told the Financial Times that Tata, which also owns the UK-based Jaguar Land Rover car brand, was planning more investments in Britain. They include hotel expansion outside of London.
Capital expenditure at JLR, which is building a battery plant in Somerset, would be “at least £4bn a year for the next four or five years”, Chandrasekaran added.
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