Fiat Auto SpA to double investments in India
Automobiles, Brand Establishment, Collaborations, Expansion, Investments November 9th, 2006 149 views
Fiat Auto SpA to double investments in India
Fiat is extending its collaboration with the Indian automaker Tata motors. The Italian automaker has decided to pump in an additional Rs 2,000 crore in India. This would essentially double their investments in the Indian market.
Fiat is also inducting Tata Motors as a joint venture partner in its Indian arm, Fiat India Auto Pvt Ltd.
These fresh investments would be made at their Ranjangaon facility in Pune and would be used to upgrade the plant to make newer models.
Market sources claim that Fiat is currently working on introducing the Grande Punto and a new sedan from this facility in a joint venture with Tata Motors. A Fiat India spokesperson added in a statement: “We have sought government permission to meet the company’s capital requirements through need-based investments.”
Great news! An article in the Times of India yesterday (Nov. 9, 06) said that the Grande Punto is expected to hit the Indian roads by early 2008. Earlier, there was talk of a 2007 launch. From what I’ve read, it seems to be a GREAT car, and I hope Fiat does everything it can to expedite the launch.
Best wishes.
Prashant.