London, Nov 16 (IANS) GE Capital Monday signed an agreement with Jaguar Land Rover (JLR), the UK-based subsidiary of India's Tata Motors, to provide a working capital facility of up to 170 million pounds (over Rs.1,300 crore) for a five-year term.

In a statement, GE said the facility represented 'an innovative structure' to finance JLR finished vehicle stocks between the points of production and onward sale to dealers on a revolving basis.

'We are pleased that our funding plans have further progressed and welcome the confidence shown by GE Capital in the Jaguar Land Rover business,' the statement quoted JLR's chief financial officer Ken Gregor as saying.

GE Capital is one of the region's leading financial institutions -- providing secured finance facilities to support small and mid-market customers in Europe, the Middle East and Africa (EMEA).

'Today's deal is further evidence of our commitment to supporting important industries in the UK and Europe,' said Rich Laxer, GE Capital's EMEA president and chief executive.

'This is the first time that we are aware of in Europe that a facility has been created to leverage this part of the distribution cycle,' he added.

JLR had announced last month that it had arranged for funds of 500 million pounds (Rs.3,700 crore) including Rs.1,350 crore from State Bank of India.