With parent company Tata Motors in dire straits, Jaguar Land Rover had to look elsewhere to secure funding to ride out the ongoing global auto slump. In the end, they were able to secure a loan of around USD 704.5 million from Chinese lenders.

Jaguar Land Rover’s Chief Financial Officer Arthur Yu revealed that the British luxury carmaker secured a three-year revolving loan through China’s largest banks including Bank of China, ICBC, China Construction Bank, Bank of Communications, and Shanghai Pudong Development Bank.

The loan is meant for Jaguar Land Rover to better manage its cash flow.

Jaguar Land Rover is crucial to its parent company Tata Motors. Investment groups believe the Indian car brand is “worth nothing without its luxury unit.” This analysis is an about face turn after JLR handed Tata the biggest corporate loss in Indian history.

Earlier, Tata was considering the sale of Jaguar Land Rover but now says it’s not selling; instead they are looking for a new strategic partner.