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According to sources from Fiat India Automobiles, about three credit agreements worth Rs. 2,500 crore have been finalized by the company with Indian as well as International Banks. Fiat India Automobiles is a joint venture of Fiat Group and India’s Tata Motors.
According to a statement which has been issued by Fiat Automobiles on Monday, "The company has finalised three syndicate credit facility agreements with a consortium of Indian and international banks for a total amount of Rs.25 billion”.
The statement from Fiat Automobiles has also stated that the credit facilities have been granted by Citibank. According to sources, these credit facilities will be made available to Fiat India by means of the Citibank offices that are located in Mumbai, London and Milan.
Fiat India Automobiles has also revealed that the transactions of the projects held by the company at the plant in Ranjangaon, Pune has also reached the financial closure stage. The projects which are held by Fiat in the Pune plant include the manufacturing of Powertrain and Fiat and Tata branded cars.
