Tata Motors and Fiat to float JV

By agencies   |   Friday, 15 December 2006, 06:00 Hrs
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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.

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