Mumbai, July 03: Italy's Fiat Group, which recently announced its restructuring plan, would continue to support its Indian car making subsidiary, according to a Fiat India statement issued here today. Fiat India would also restructure its capital to wipe out accumulated losses, it said.
"Work is proceeding as usual at our Kurla plant in Mumbai and we are on schedule for the launch of new petrol variant of Palio, which will be unveiled shortly", the statement said, quoting Fiat India CMD Alberto Montanari, who just returned from Italy. "Our immediate focus will also be on instilling confidence in our dealers, vendors and customers and we are working hard to enhance our customer service," he added.
Referring to the performance in India, Montanari said since the launch of Palio in September 2001, the financial position of Fiat India has improved and losses for 2002 were 65 per cent less than the previous year. Montanari said the Indian plant plays an integral role in terms of supplying components to other Fiat facilities in Italy, Morocco, South Africa and Poland. Bureau Report