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Indian oligarch Tata learns first lesson of reality check from the British Government: Tata refused British bailout
Prithiv Mansheen
Dec. 21, 2008
India's Tata Group, which owns Jaguar Land Rover is seeking financial help from the British government. Believe it or not the billionaire Tata who though they can buy out anything and everything is now begging for help from British Government.
Tata has been told to ''look to their own resources'' instead of the British government to tide over the current economic downturn.
Lowering hopes of a speedy intervention by the government, Business Secretary Lord Mandelson said on Sunday that the state would act only as a ''lender of last resort''.
He told The Observer that the Tata Group must ''look to their own resources. The government cannot be the first call for help in these circumstances''.
He added: "If there is anything the government can appropriately do for any such company, then they will have to meet -- and pass -- some pretty tough tests."
Lord Mandelson told the Observer he was not indifferent to the plight of the car industry and that the government might be required to help companies vital to employment in the UK.
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