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.     

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"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.

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