Tata, Fiat may join hands for Rs 1-lakh car
Wednesday, January 3, 2007
Italian carmaker Fiat may join hands with Tata Motors to roll out Ratan Tata?s Rs 1 lakh dream car. The car, whose design is completed in Tata Motors’ Pune centre, is expected to hit Indian roads by mid-2008.
Alfredo Altavilla, Fiat’s senior vice-president for business development said, “Fiat has a strong presence in the small car segment and we are open to any kind of co-operation with the Tata group.”
On Thursday, Tata Motors and the Italian carmaker formally announced an equal joint venture with an investment of over Rs 4,000 crore ($877 million) for making cars and their engines.
To be located at Fiat’s plant at Ranjangaon, Maharashtra, the facility would make in excess of one lakh cars and two lakh engines and transmissions a year.
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