Fiat to invest Rs 2,341 cr at Ranjangaon

Fiat India Automobiles, a joint venture between Tata Motors and Fiat Group, on Monday said it would invest Rs 2,341 crore (Rs 23.41 billion) to expand its facility in Ranjangaon plant in Pune.

Fiat plans to ramp up its operations to produce up to two lakh cars, three lakh engines and three lakh automotive parts and accessories.

Fiat has invested Rs 1,679 crore (Rs 16.79 billion), taking the overall investment to Rs 4,020 crore (Rs 40.20 billion).

At present, the Ranjangaon plant can manufacture one lakh cars and two lakh engines.