Italy on Wednesday sought investments from Indian car-makers and said it would encourage Tata Motors and Mahindra and Mahindra to take over Fiat’s unprofitable car unit in Sicily that is teetering towards a shutdown.
Minister for economic development Claudio Scajola invited Indian firms to invest in Italy’s automotive and auto components sector. Scajola is in India to boost trade between the two countries, which currently stands at $ 8 billion.
Sources in the minister’s delegation said Tata Motors and M&M are in talks with Fiat and the Government of Italy to acquire the company’s automobile unit in Termini Imerese on the island of Sicily.
“We are absolutely happy and open to any Indian investment in the automotive industry as well as in any other industry,” Scajola told reporters in Mumbai.
The minister denied knowledge of any negotiations having taken place, but said, “I wish it were true. I hope so. We do hope that Indian investors come to Italy.”