The cash-starved company Jaguar Land Rover (JLR) is working on the idea to raise up to £1 billion by September to satisfy its cash needs according to reports published in British media.

The Tata group company is also exploring options for an overseas bond issue to bridge loan repayments by June.

Earlier, Tata Chief Mr. Ratan Tata, while criticizing British government for ignoring manufacture segment, termed the acquisition of Anglo Dutch steelmaker Corus and British Marquee JLR as a step taken in haste and said that nobody could sense the coming global recession.

Mr. Tata added, “If one had known there was going to be a meltdown, then yes (Tata went too far), but nobody knew. Both the acquisitions (JLR & Corus) were made, I would say, at an inopportune time in the sense that they were near the top of the market in terms of price.”

Tata is one of the largest investor in Britain having subsidiaries JLR, Corus, Tetley Tea and chemicals and IT businesses. Reports said that Tata has to face high finance cost even if some banks underwrite parts of EIB debt.

Mr. Tata said, “I would like to see us coming out of the recession with new products (E-type and fuel efficient hybrids) in place. What would be sad - remorseful - is if the meltdown continues and we can’t get access to funds.”