The British government has said that it is ready to guarantee loans to Indian conglomerate Tata group-owned Jaguar Land Rover, for which it is talking with European banks on the behalf of the cash-strapped carmaker.

Jaguar Land Rover Chief Executive David Smith said the company did not want state aid but hoped to enlist help from government officials in a meeting next week on the flow of credit.

Seeking about one billion pound help from the British government to overcome financial crunch facing the prized acquisitions Jaguar and Land Rover, Tatas have roped in Citigroup for assistance.

Britain's biggest workers' union and key regional newspapers have launched a massive campaign to save beleaguered Indian-owned marques Jaguar and Land Rover from collapsing in the credit crunch.

The British government has decided to bail out stricken Tata-owned automakers Jaguar Land Rover (JLR) to the tune of tens of millions of pounds, enabling its Indian owners to raise additional funds on the private market, a newspaper report on Monday said.