Fiat India secures funds of up to Rs 2,500 crore

Car maker Fiat India Automobiles today said it has arranged funds to the tune of Rs 2,500 crore from a consortium of domestic and international lenders to support the company’s operations and production of vehicles. 

The investments would be utilised for projects, including manufacturing powertrain and Fiat and Tata branded cars at the company’s Ranjangaon plant, Fiat India Automobiles (FIAL) said in a statement. 

“The company has finalised three syndicated, secured credit facility agreements with a consortium of Indian and international banks for a total amount equivalent to Rs 2,500 crore,” it said. The company, which is investing Rs 4,000 crore for the operations in the country, said the syndicated credit facilities have been arranged by Citibank NA.