Fiat Group Automobiles and Tata Motors have announced the signing of
the 50:50 joint venture to manufacture passenger cars, engines and
transmission with an overall investment of € 650 million for the Indian
and overseas markets. Out of the total investment, which will have an
equal proportion of debt and equity, only around 20-25% has been
brought in and the rest will be invested in a phased manner, a company
official said.
The name of the JV is expected to be announced at the end of this month.
The JV will have an equal representation of five members from the two
partners. While Tata Motors MD Ravi Kant will be the chairman of the
JV, Fiat Powertrain Technologies CEO and Fiat Group Automobiles senior
VP, business development Alfredo Altavilla will be the vice-chairman.
Rajeev Kapoor, brought in from Hero Honda has been appointed as the
president and CEO of the JV and will be in charge of the operations of
the new entity.
The JV will manufacture Fiat's B&C segment cars, Grande Punto and
Linea, its 1.3 litre Multijet diesel engine, 1.2 and 1.4 litre fire
gasoline engine and transmissions and one of Tata's next generation
vehicles.
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