Tata now eyes stake in Ferrari: report
08 Mar 2008
Mumbai: Tata Motors is interested in acquiring a stake in Fiat's luxury sports car unit Ferrari, its chairman Ratan Tata was quoted as saying in an interview with Italy's L'Espresso magazine.
Tata Motors has an alliance with Fiat in India. Tata Motors chairman Ratan Tata is also a board member of the Italian automaker.
Tata joined the board of Fiat in May 2006 after the Italian carmaker's shareholders approved of it at the annual general meeting in Turin. His name was proposed by the Agnelli family, which controls IFIL, a company that holds 30 per cent stake in Fiat SpA.
"I have two passions in my life, cars and aircraft. I have always dreamed of being able to be a fighter pilot. And I confirm the wish to participate in Ferrari's shareholding," L'Espresso quoted Tata as saying.
"Luca di Montezemolo (chairman of both Fiat and Ferrari) has invited me to look around in Italy because his country offers a lot of opportunities in the design and luxury sectors," he said.
Fiat has an 85 per cent stake in Ferrari, which it acquired through buy-backs from banks. It also has an option on a further five per cent sold to Arab Emirates' Mubadala Development.
Tata had unveiled the Nano, the world's cheapest car, at the Geneva Motor Show after its debut in India in January this year.
Both Tata Motors and Fiat are working for development of newer products to be sold in India and overseas markets. Products made by Tata Motors will be marketed by Fiat in the Latin American countries and also in the European regions using Fiat's distribution network.
