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New Delhi: Identifying India as a future hub for sourcing components, Italian auto major Fiat said it will buy auto parts worth 250 million euros from the country by next year for its European operations.
"We have identified India as a base for supplying components for our European operations ... We will start deliveries from this year and by next year we will be sourcing components worth 250 million euros for car and other divisions," Fiat Group Automobiles International Chief Operating Officer Silverio Bonfiglioli told reporters in Delhi.
The company has set up a sourcing office in Delhi, he said, adding Fiat was also looking at developing designs in India in future.
Fiat, which makes engines in India, will also be exporting them for European operations starting this year.
He said with India developing a strong vendor base for components, the company was able to launch its products with very high levels of localisation and making them price-competitive.
Fiat India Automobiles (FIA) launched its sedan Linea in the Capital with price ranging between Rs 5.98 lakh and Rs 6.98 lakh for the petrol variant, and between Rs 6.88 lakh and Rs 8.10 lakh for the diesel version.
The company is planning to launch two more models -- hatchbacks Grande Punto and Bravo -- this year.
"The Linea and Grande Punto will be our volume products.
Manufactured at our Ranjangoan facility, both have 90 per cent localisation levels, which give us a great advantage in the price-sensitive domestic market," FIA CEO Rajeev Kapoor said.
The company is aiming to sell 70,000-80,000 units of the Linea and Grande Punto combined next year, Bonfiglioli said.
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