Fiat today said that it will source auto components worth 250 million euro (about Rs 1,595 crore) from india by 2010. “We will source auto parts worth a minimum of 250 million euro from India by 2010,” Fiat Group Purchasing s.r.l. CEO Gianni Coda said. Fiat currently sources auto parts worth 30 million euro from India. This increase in sourcing is part of Fiat’s plan to increase its purchases from 8 billion to 9.5 billion euro by 2010 from Eastern Europe, Northern Africa, South America, India and China. Auto parts in India would be about 10-15 per cent cheaper. “We are talking to vendors in India who will need to invest in their facilities to meet our demands,” he said. The sourcing would be carried out for the company’s auto manufacturing plants at Europe, Brazil and North America, he added. The Indian auto components industry has an estimated production of US$ 10 billion. The spiraling demand from domestic and international auto companies has seen this sector emerging as one of the fastest growing manufacturing sectors in India and globally. The year 2006-07 saw the auto components sector soar with exports touching the US$ 3 billion mark and investments continuing unabated. The ACMA estimates the global sourcing of components from the country to double from US$ 2.95 billion to US$ 5.9 billion in 2008-09, and touch US$ 20 billion. Similar to Fiat other auto majors like BMW and Ducati have plans to source components from India for their International opertaions.