BANGALORE: Fiat India Private Ltd has announced a cut down on the prices on its flagship model Palio. The price reduction from Fiat, with immediate effect in Mumbai, will be implemented for all the three Palio models. Price reduction in other cities will be made over the next few days.
 

 
With this reduction the top end model Palio -1.25 litre ELX will now be available at Rs. 4.15 lakh which means Rs. 22,000 less than its current mark up, states an official release.
 
 
Speaking on the price cut, Fiat India Pvt Ltd MD Paolo Castagna said, "Fiat in order to beat the competition of Swift and Getz has reduced the Prices of Palio 1.25 ELX from Rs. 4,37,000 to Rs. 4,15,000. The customers would benefit a reduction of Rs. 22,000. The price of Palio 1.25 EL will be reduced accordingly.
 
 
The new prices are effective immediately. "We have recognized various roadblocks and understand the need to create the required consumer confidence making Fiat the most preferred choice. With a renewed brand strategy, focusing on the premium end of the growing automobile sector we have also recently launched a state-of-the-art service station in Gurgaon," added Castagna.