Italian auto major Fiat plans to source components worth $1 billion from India by 2010 for its global operations, the group's vice president for international purchases Franco Cavallotti said.
"Our target is to make India an important sourcing hub. We plan to source components worth USD 1 billion from India by 2010 for our entire global operations," Cavallotti said on the sidelines of ACMA annual convention.
Of the $1 billion worth of components, he said, parts worth $700 million would be used for Fiat India. Fiat has a 50:50 joint venture with Tata Motors for manufacturing passenger cars and power trains at its facility in Ranjan Gaon in Maharashtra.
The $1 billion component purchases would roughly account for about five per cent of the company's global requirements, he said, adding the company is targeting to source about $450 million worth of component this year.
"Currently we are sourcing components from 50 players and 14 JVs, which will expand by next year," Cavallotti said.