The funds will mainly come from loans and the rest will be from Proton's additional investments and revenue from Group Lotus, a sports carmaker based in Norwich, the UK.
It is understood that CIMB Group Holdings Bhd's chief executive officer (CEO) Datuk Seri Nazir Razak met with Proton's board of directors at Group Lotus headquarters in Hethel, Norwich, although it is unclear what was discussed.
"He's a friend, he's interested in cars and he's also a banker. We are talking to banks (for the loan) and CIMB is one of our bankers," Proton group managing director Datuk Syed Zainal Abidin Syed Mohamed Tahir told reporters at a briefing in Hethel on Monday.
Under its five-year turnaround plan, Group Lotus plans to more than double its production to some 8,000 cars a year after 2014 by launching five new models.
Proton also expects Group Lotus to be profitable and contributing a significant chunk to its net profit by the end of 2014.
"Although the plan is ambitious, it is realistic. We believe we're on the right track. The task now is to execute it," Syed Zainal said.
Group Lotus's strategy is to keep existing clients and attract new ones by maximising its brand exposure through motorsport activities. It also plans to enter new markets as Lotus cars are now sold in 33 countries instead of more than 55 for other sports carmakers.
Syed Zainal declined to say more about the ongoing legal row between Group Lotus and Team Lotus over the right to use the Lotus name in Formula One racing. The first hearing will be on January 24 and is likely to drag until the end of the year.
However, Group Lotus CEO Dany Bahar told the BBC in an interview on Monday that he believes the matter will be settled out of court. - From Shahriman Johari, btimes.com.my
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