London: Indian conglomerate Tata Group Chairman Ratan Tata has said job cuts will take place at Jaguar unless the British government guarantees loans worth millions of pounds to the car maker.
In an interview to Sky News, Ratan Tata said, "Job cuts will be made unless the government can guarantee 500 million pounds in loans to the company".
Quoting Tata, the report published online said Jaguar was in need of urgent help or the company would face "devastating" results.
He said the firm needed a multi-million pound loan guarantee otherwise "its 15,000 UK workforce would be culled".
"If funds are not available a company will not be able to run. So layoffs will take place, redundancies will take place, as has already happened in the UK," Ratan Tata told Sky News.
According to Sky News report published online, the firm is engaged in a stand-off with the UK government over funding.
The Indian conglomerate acquired Jaguar Land Rover for about USD 2.3 billion last year.
"Jaguar axed 450 jobs, including 300 managers, in January," Sky News said.
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