Ferrari and Indian Tata sign new deal
2008 F1 team champion Ferrari have signed a new sponsorship with Indian carmaker Tata, extending their existing contract. Ferrari parent company FIAT already has a joint venture with Tata to produce cars in the Indian state of Maharashtra.
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REUTERS - Ferrari have bucked the global economic crisis squeezing Formula One by agreeing a sponsorship deal with Indian carmaker Tata.
"For the first time an Indian brand will appear on the Ferrari," president Luca di Montezemolo told Italian media. "It's historic."
A Ferrari spokesman confirmed a deal had been reached and said the details and duration would be announced shortly.
Tata and Ferrari's parent company Fiat have a joint venture in the Indian state of Maharashtra to produce cars.
Formula One approved a package of cost-cutting measures last week to help the sport after the economic crisis led to Honda's withdrawal.
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