Tata Motors, which is reporting a quarterly loss caused by sliding sales at Jaguar and Land Rover, said it planned to raise at least £100m ($163m) of working capital for the two ailing UK car brands.

Ravi Kant, the Indian carmaker’s vice-president, said that cost-cutting advice for JLR from consultants KPMG and Roland Berger was bearing fruit but added that only a revival of the market for luxury cars could help the group turn around its business.