Fiat Group Purchasing – Fiat’s parts procurement unit – plans to source components worth some US$1bn parts from India in 2010.

“Our target is to source US$1bn in 2010,” Franco Cavallotti, vice-president, International of Fiat Group Purchasing, told reporters at an industry conference.

Reuters noted that would constitute about 5 percent of its global sourcing.

Of the US$1bn, about US$700m would be for Fiat India Automobiles, its joint venture with Tata Motors, he reportedly said.

Fiat planned to source US$400m to US$500m of components from India in 2009, he said, according to the Reuters report.