Tata Motors and Fiat to float JV

By agencies   |   Friday, 15 December 2006, 06:00 Hrs
Printer Print Email Email
New Delhi: Finalizing their partnership, Tata Motors and Italian auto giant Fiat will sign a Joint Venture agreement to manufacture passenger vehicles, engines and transmissions for the Indian and overseas markets.

The two companies, which had in July this year signed a Memorandum of Understanding to establish an industrial Joint Venture in India, will announce the road-map for taking forward the partnership.

The announcement comes days after Fiat got approval from the Foreign Investment Promotion Board to invest Rs 2,000 crore in India that will be used at its plant at Ranjangaon in Maharashtra, where the two companies will undertake joint productions.

The yet to be named venture will employ about 3,000 to 4,000 skilled workers. The first batch of cars will be rolled out in early 2007.

GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..