With Tata Motors Managing Director Ravi Kant already confirmed as Chairman, Fiat on Monday said that a new 10-member board will soon take over to steer the joint venture company in Ranjangaon (above).

Italian auto maker Fiat on Monday said a 10-member new Board will soon take over to steer the joint venture with Tata Motors in Ranjangaon, Pune, reports The Economic Times.

"The Board will have 10 members in all and with equal participation from both the parties. The new Board will take over in a month," Fiat India's newly appointed President and CEO Rajeev Kapoor told the media here. Fiat had signed an agreement with Tata Motors last month to form the joint venture in which Tata Motors had acquired 50 per cent stake.

It has already been decided that Tata Motors Managing Director Ravi Kant will take over as Chairman of the Joint Venture and Fiat's senior Vice President (Business Development) Alfredo Altavilla will be the Vice Chairman. Both of them will be in the Board. Kapoor, however, will be reporting to the Board.

Located at the existing manufacturing base of Fiat at Ranjangaon, the joint venture had proposed to invest Rs 4,000 crore to manufacture passenger cars, engines and transmissions for the Indian and overseas markets. "Fiat has already invested Rs 2,000 crore in India in phases. Tatas will invest 50 per cent in the JV," Kapoor said.

The joint venture will also manufacture Fiat's premium cars - Grande Punto and Linea in the B and C segments respectively. Fiat is betting big on these two launches to regain consumers' confidence in the Indian market.

report courtesy of The Economic Times