Fiat SpA has reached an agreement to with Sberbank Rossii to build Jeeps in Russia, according to reports in the Italian media Sunday.
Italian newspaper Corriere della Sera said Sberbank, which is controlled by the Russian government, has inked a letter of intent with Fiat to open two factories to assemble vehicles under the Jeep name.
The paper said Fiat will own 80 percent of the joint venture, while Sberbank will own the remaining 20 percent.
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