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FIAT challenges Chinese partner
Calcutta News.Net
Sunday 1st July, 2007 (BigNewsNetwork.com)
China-Italian firm, Nanjing Fiat, will be supplied with an extra US$390m through bank financing.
Italy's Fiat and China's Nanjing Auto plan to breathe new life into their troubled investment.
The pledge to devote more funds came after reports that Fiat was unhappy with the level of commitment shown by Nanjing Auto, which has also has been concentrating on other projects.
Nanjing Auto, China's oldest car maker, bought the rights to develop the historic MG, Austin Healey and Healey models from the bankrupt MG Rover Group, once makers of the iconic Mini and Jaguar, in July 2005.
It acquired MG Rover's assembly lines, engine technology and many of the firm's models, and has been in the process of spending money to build the brand.
Nanjing Auto has now agreed to find bank financing for the extra investment in the Fiat venture.
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