India’s Reva Electric Car Company is preparing a joint bid with Italian private equity firm Cape-Natixis for Fiat’s Termini Imerese car plant in Sicily Dow Jones Newswires reported.

Reva and Cape-Natixis are finalising a memorandum of understanding to make an offer for the plant in northern Sicily that Fiat wants to shut down. Cape-Natixis said it hoped to sign the memorandum of understanding by January 29.

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Fiat’s chief executive Sergio Marchionne last June announced plans to close the plant as a cost-cutting measure. Hundreds of Fiat workers went on strike last week to protest the decision, but Marchionne said the move was “irreversible.”

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