Cape in €900m proposal to build cars in Sicily

Cape has raised some €50m towards the proposal from various investors including the Sicilian regional government and French bank Natixis –one of Cape's main backers. €65m would be the minimum required to render the proposal viable, and production of 30,000 a year would allow the venture to break even.

Italian car manufacturer Fiat is set to cease at its Termini Imerese production plant in the island next year and the €900m proposal aims at supporting an Italo-Indian venture.

It could be a while before a decision is made on the project as it is understood that the government has some 12-18 months to pronounce itself on the matter.

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