Lotus gets £10.44m government grant

Posted on 26 Nov 2013
Secretary of State, Vince Cable at Lotus; Mr Aslam Farikullah Group Lotus plc Chief Operating Officer; Dato’ Lukman Ibrahim, Deputy CEO of Proton

The Regional Growth Fund (RGF) has secured Lotus a multi million pounds grant for R&D of products and staff training. The firm also plans to create 313 new full time jobs to support the manufacturing processes for the next few years.

The grant follows a £100 million investment by its owners DRB-HICOM, that has allowed the company to enhance its engineering facilities and productivity standards. Lotus also claimed the grant will help recruiting more than 130 new jobs, but did not reveal its plans on how to sustain this workforce in the next future.The funds were provided by the Regional Growth Fund (RGF), a £3.2 billion fund operating across England from 2011 to 2017. It supports projects that are using private sector investment to create economic growth and sustainable employment.Aslam Farikullah, Chief Operating Officer at Lotus, said: “This grant is part of a wider strategy for Lotus created to ensure we thrive and grow.  We are responding to increased global demand for our cars and engineering consultancy services and this grant will help to position Lotus at the forefront of global automotive innovation.”

“The team here at Lotus have worked very hard to secure this grant and every employee is playing their part in the stability, growth and future success of our company,” he added.

On a trip to Lotus’ Norfolk headquarters, Business Secretary, Vince Cable MP toured the engineering and factory facilities and formally announced the grant to Lotus management.

“Lotus is an iconic British car maker, with some of the most innovative engineers in the business. The car industry is one of Britain’s great success stories, employing over 130,000 people and helping to build a stronger economy by contributing £11 billion a year,” he said.

Supporting UK’s economy and growth, the MP added: “The Government has already supported over 400 projects with £2.6 billion from the Regional Growth Fund, promoting growth in regions across England. The latest round is still open for another two weeks and I’d urge all businesses with a plan to support jobs in their local areas to apply.”