Italian auto firm Fiat today said it will source components worth $1 billion from India by 2010 for its global operations.
"Our target is to make India an important sourcing hub. We plan to source components worth $1 billion from India by 2010 for our entire global operations," Fiat Group Purchasing Vice-President (International) Franco Cavallotti told reporters on the sidelines of ACMA annual convention.
After becoming a $1 billion sourcing hub for Fiat, India would contribute about 5 per cent of the company's global component needs, he added.
"Currently we are sourcing components from 50 players and 14 JVs, which will expand by next year," Cavallotti said, adding the company is targeting to source about $450 million component this year.
Cavalloti said of the total target of $1 billion sourcing, components worth $700 million would be for Fiat India operations, while the rest will be exported.
In India, Fiat has a 50:50 JV with Tata Motors and the JV produces passenger cars and power trains at its facility in Ranjan Gaon in Maharashtra.
