Fiat is unlikely to need more capital in the near future, the chairman of holding company Ifil – the Italian carmaker and industrial group’s biggest shareholder – reportedly said on Tuesday.

“Ifil does not expect Fiat to have further financing requirements in the near future,” Gianluigi Gabetti told Reuters after an Ifil shareholders meeting.

The news agency said Ifil, controlled by the Fiat-founding Agnelli family, has a stake of just over 30% in Fiat and last year took part in a €1.8 billion recapitalisation of the group to raise funds for a turnaround programme.

Fiat management has previously said the capital increases and revenues raised by the sale of assets would be enough to fund the turnaround plan, Reuters added.

“We think we have done our part,” Gabetti reportedly said.