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Joint venture between Tata Motors and Fiat is likely to launch a number of Chrysler models in India, including the iconic Jeep
Cherokee, from a factory in Ranjangaon near Pune as it seeks to expand its presence in one of the world’s fastest growing passenger car market. Sources close to the development, who did not wish to be identified, said that Tata-Fiat alliance will initially start retailing the Cherokee and follow up with other products. Italian auto major Fiat acquired a 20% stake in Chrysler after the Michigan-based company filed for Chapter 11 bankruptcy earlier this year. The Tata-Fiat alliance has been expanding production at its Ranjangaon facility. While it produces the Linea sedan and the Punto hatchback from the Fiat stable, it has also started producing the Tata Indigo Manza sedan from this facility. The Manza will be powered by diesel and petrol engines from Fiat.
Recently, Fiat India Automobiles (FIAPL), the Tata Motors-Fiat JV raised $510 million through a multi-tranche syndicated loan, which includes a $200 million term loan for working capital requirements. FIAPL a 50:50 joint venture between Fiat Group and Tata Motors, manufactures Fiat and Tata cars and produces transmissions and engines. The JV, which was set up in 2007, plans to invest close to Rs 4,020 crore at its Ranjangaon facility. By 2012, Ranjangaon plant would be capable of producing two lakh cars, three lakh diesel engines, and three lakh spare parts and accessories per annum. Currently Tata Motors has the responsibility of selling Fiat products through its wide distribution network across the country.
When asked about the possible launch of Chrysler brands at the sidelines of the Punto launch recently, Fiat Group Chief Operating Officer (International Operations) Filverio Bonfiglioli was non-committal. Fiat’s 20%, stake in Chrysler could eventually go up to 51%. Chrysler will get access to Fiat’s small car technology while Fiat gets a footprint into the US market. With financing from the Federal Government, the `new Chrysler’ is supposed to change its product portfolio towards fuel-efficient vehicles. Some of the other well-known Chrysler brands are Avenger, Caliber, Challenger and Viper, and it retails the Dakota and Sprinter in the truck segment.
Source: Economic Times
Drive Safe,
350Z
Cherokee, from a factory in Ranjangaon near Pune as it seeks to expand its presence in one of the world’s fastest growing passenger car market. Sources close to the development, who did not wish to be identified, said that Tata-Fiat alliance will initially start retailing the Cherokee and follow up with other products. Italian auto major Fiat acquired a 20% stake in Chrysler after the Michigan-based company filed for Chapter 11 bankruptcy earlier this year. The Tata-Fiat alliance has been expanding production at its Ranjangaon facility. While it produces the Linea sedan and the Punto hatchback from the Fiat stable, it has also started producing the Tata Indigo Manza sedan from this facility. The Manza will be powered by diesel and petrol engines from Fiat.
Recently, Fiat India Automobiles (FIAPL), the Tata Motors-Fiat JV raised $510 million through a multi-tranche syndicated loan, which includes a $200 million term loan for working capital requirements. FIAPL a 50:50 joint venture between Fiat Group and Tata Motors, manufactures Fiat and Tata cars and produces transmissions and engines. The JV, which was set up in 2007, plans to invest close to Rs 4,020 crore at its Ranjangaon facility. By 2012, Ranjangaon plant would be capable of producing two lakh cars, three lakh diesel engines, and three lakh spare parts and accessories per annum. Currently Tata Motors has the responsibility of selling Fiat products through its wide distribution network across the country.
When asked about the possible launch of Chrysler brands at the sidelines of the Punto launch recently, Fiat Group Chief Operating Officer (International Operations) Filverio Bonfiglioli was non-committal. Fiat’s 20%, stake in Chrysler could eventually go up to 51%. Chrysler will get access to Fiat’s small car technology while Fiat gets a footprint into the US market. With financing from the Federal Government, the `new Chrysler’ is supposed to change its product portfolio towards fuel-efficient vehicles. Some of the other well-known Chrysler brands are Avenger, Caliber, Challenger and Viper, and it retails the Dakota and Sprinter in the truck segment.
Source: Economic Times
Drive Safe,
350Z