Fiat to source 250 mln euro worth auto components from India by '10

New Delhi, May 7 (UNI) In an attempt to reduce its manufacturing costs, Italian car maker Fiat today said it will source auto parts worth 250 million euro from India by 2010, as the components are about 10-15 per cent cheaper in the country.

''We will source auto parts worth a minimum of 250 million euro from India by 2010, since auto components are about 10-15 per cent cheaper in the country, '' Fiat Group Purchasing SRL CEO Gianni Coda told reporters here today.

The imported auto parts will be used in the company's manufacturing units in Europe, Brazil and North America, Mr Coda said.

He added that the firm is in talks with many vendors across the country to meet the demands.

At present, the Italian firm purchases auto parts worth eight billion euro from markets such as Eastern Europe, Northern Africa, South America, China and India.

The firm also plans to increase its purchases to 9.5 billion euro by 2010 from these markets, Mr Coda said.

The auto giant is also mulling to unveil CNG variant of Palio model, which is currently available in petrol and diesel variants, early next year, said Fiat India President-cum-CEO Rajeev Kapoor.

UNI SBA MP AS1800