Italy's FIAT and Russia's GAZ have signed an investment agreement for the creation of a joint venture. The accord, concluded under the auspices of the Russian Government, makes provision for 80% of the new venture to be owned by FIAT and GAZ, while the remaining 20% will be owned by EBRD (European Bank for Reconstruction and Development) acting as a financial partner. The first investments are expected to total EUR 380 million and the group's annual production should reach 75,000 vehicles by...