11:47 PM EST, 03/02/2023 (MT Newswires) -- Indian automobile manufacturer Tata Motors (NSE:TATAMOTORS, BOM:500570) seeks over 500 million pounds sterling in aid from the UK government to set up a battery factory in the country, according to a report from the Financial Times on Wednesday, citing people briefed on the discussions.
The Jaguar Land Rover owner is in talks to partner with Chinese battery maker Envision to set up the battery plant in Somerset, which will support the manufacturing of Jaguar's electric vehicles, according to the report.
The sources said Tata Motors is nearing a decision on whether to locate the plant in the UK or in Spain, according to the report.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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