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Fiat India plans to recast capital.
(From Business Line)
MUMBAI, July 3. FIAT India, working in the shadow of decisions abroad to rehaul its parent, will be restructuring its capital to nullify the effect of accumulated losses.
While press reports in the past pegged these losses at several hundred crores, the company has so far declined an official figure. Asked today, Fiat India's spokesman maintained the same line, but added, the company reduced its losses by 65 per cent in calendar 2002 from the previous year's level.
Details of the proposed capital restructuring were not disclosed. Fiat Auto's investment in Indian operations is estimated at Rs 2,000 crore.
"Work has been …
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