Jaguar Land Rover has secured a £175m loan from the State Bank of India.

The Tata Motors-owned company also said yesterday that it had agreed a new $90m export financing facility with ABC International Bank.

The carmaker has arranged £500m of new financing facilities this year.

"We are pleased our funding plans are progressing and appreciate the confidence shown by our banking partners in our business," Jaguar Land Rover chief financial officer Kenneth Gregor told Reuters.

JLR announced last month it was planning to merge two of its three auto plants in England by 2014.