Fiat to hike price of its vehicles by 2%

With the increase in excise duty as passed in the Union Budget 2010 – 11, Fiat India today announced a revised pricing for its product line. With this announcement, Fiat products, namely, the Palio, the Grande Punto and the Linea will witness an increase in price ranging between Rs. 7000 - 15500. The change in pricing will be applicable with immediate effect. Speaking on the increase, a company spokesperson said,” The decision to revise the prices of the Fiat Palio, Grande Punto and Linea is a direct result of the excise duty increase as announced in the Union budget today. Owing to this increase, Fiat’s products will now be available at an increased price of 2% with immediate effect.”  Fiat currently offers the Fiat Linea, Fiat Grande Punto, Fiat Palio and Fiat 500 in the Indian market.

Fiat India Automobiles Limited (FIAL) is a 50-50 Industrial Joint Venture between Fiat Group Automobiles S. p. A., (Fiat) and Tata Motors Limited (Tata) originally incorporated on January 02, 1997.  The company employs about 2775 blue & white collar employees and is located at Ranjangaon in the Pune District of Maharashtra.  The definitive agreement of the Joint Venture was signed in October 11, 2007. The board of directors for this company comprises of five nominees each from Fiat and Tata.
 
The state-of-the-art facility at Ranjangaon, which is owned by FIAL, a joint venture company, is capable of producing 200,000 cars and 300,000 engines, besides 300,000 parts & accessories. Currently manufacturing the Palio Stile 1.1, 1.6 models, Linea and now the Grande Punto. The facility also manufactures Fiat’s successful 1.3 litre Multijet diesel engines and 1.2 & 1.4 litre Fire gasoline engine.  Apart from Fiat cars, the facility will also produce Tata passenger and next generation cars with investment exceeding € 650 Million. The plant provides direct and indirect employment to more than 4,000 people.

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