26 Feb '12, 2pm

Fiat signs joint venture deal with Russia's Sberbank

Fiat signs joint venture deal with Russia's Sberbank

Italian carmaker Fiat has signed a letter of intent with Russia's Sberbank for a joint venture that will produce and sell Jeep-branded cars in the country, Italian newspaper Corriere della Sera reported on Sunday. -- PHOTO: REUTERS MILAN (REUTERS) - Italian carmaker Fiat has signed a letter of intent with Russia's Sberbank for a joint venture that will produce and sell Jeep-branded cars in the country, Italian newspaper Corriere della Sera reported on Sunday. Fiat and its United States (US) affiliate Chrysler Group are looking to expand in fast-growing emerging markets like Russia to offset slow growth in Europe. A Russian official said in December that Fiat would sign an agreement to build a major new car plant in St Petersburg during the first quarter of 2012. Two sources familiar with the negotiations had identified the partner as state lender Sberbank. Corriere said th...

Full article: http://www.straitstimes.com/Motoring/Story/STIStory_77098...

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