'We also expect that the long-term loan from the European Investment Bank (EIB) of 340 million pounds ($560 million), sanctioned to Jaguar-Land Rover, can also be successfully secured in coming weeks through appropriate commercial arrangements,' said the statement.

Tata Motors is India's largest commercial vehicle maker, with consolidated revenues of Rs.70,938.85 crore ($14 billion) in 2008-09.

'These arrangements have been and are expected to be concluded without necessitating guarantees from the UK government, for which discussions had been ongoing for some time,' the statement added.