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32-year-old to head Italy’s Fiat dynasty
MILAN: The Agnelli dynasty will crown the new
czar of the Fiat automotive empire today when John Elkann, scion of
the family known as “Italy’s Kennedys,” takes over at the age
of 32.
Already vice-chairman of Fiat, Elkann will
replace 83-year-old Gianluigi Gabetti, a close associate of the
Agnelli clan, at the head of IFIL, the holding company that manages
a portfolio worth $12 billion dollars. The iconic industrial
family’s holdings include a 30-percent stake in Fiat.
The legendary Giovanni “Gianni” Agnelli, who
died in January 2003 after more than 50 years at the helm, had
designated his grandson as his successor. Agnelli designed
Elkann’s career path within Fiat, whose brands include Lancia and
Alfa Romeo.
-- AFP
Renault-Nissan, Bajaj to build cheap car
PARIS: Renault-Nissan and the Indian group Bajaj
announced a joint venture yesterday to produce a $2,500 car, with
sales expected to begin in India in early 2011. Bajaj is India’s
second-biggest motorbike maker.
The joint venture would be 50-percent owned by
Bajaj Auto, 25 percent by Renault and 25 percent by Nissan, said a
statement. The budget car is so far only known as “Codename ULC.”
Renault-Nissan President Carlos Ghosn had announced the joint
venture in early November of 2007 after preliminary talks in July.
The main market for the car will be India but it may eventually be
sold elsewhere.
Earlier this year, Tata Motor, part of India’s
giant Tata conglomerate, announced plans to build what it claimed to
be the world’s cheapest car, the Nano, also costing $2,500.
-- AFP
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