The Italian government has authorised a €155 million grant for Fiat SpA as part of the carmaker’s €1.25 billion 2003-2006 relaunch plan, according to Dow Jones Newswires.
The €1.25 billion investments are aimed at boosting Fiat’s facilities in central and southern Italy, the economy ministry reportedly said in a statement following a meeting of inter-ministerial committee CIPE.
“The measures are part of Fiat’s wider relaunch plan, which was approved by the government on Dec. 5, 2002,” the ministry said in a statement cited by Dow Jones.
The news agency noted that, on that day, prime minister Silvio Berlusconi’s centre-right government granted Fiat “crisis status,” allowing the company to finance 5,600 temporarily layoffs – partly with state money.
