Premier Matteo Renzi signed the deal, which is expected to create 500 jobs, at a ceremony in Rome with Lamborghini executives.
Lamborghini CEO Stephan Winkelmann said the Italian package "was the most competitive and won" against a rival bid from Slovakia.
The Urus SUV, unveiled as a concept in 2012, is expected to enter the market in 2018 with a production of 3,000 vehicles a year, more than doubling production at Lamborghini's factory near Bologna.
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