The Italian automaker Fiat has found a local partner to build a car manufacturing plant in the Russian city of St. Petersburg.
The Russian bank Sberbank acting as a partner Fiat to finance the construction and receive a stake in the future installation. The estimated investment for the construction of the Fiat plant is 800 to 900 million euros.
In late June, Fiat signed a joint agreement in the industry with the Ministry of Economic Development, under which the company will produce about 120,000 cars in Russia annually, and build an engine plant. The company expects to invest over 1,000 billion in the project.
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