I think technically it is correct. The JV of TATA-FIAT is named FIAPL i.e. Fiat India Automobiles Private Limited. FIAPL has joint facility at Ranjangaon , where both FIAT and TATA cars are made. So , all the FIAT cars produced are produced under this JV , i.e. FIAPL. TATA Motors , the individual entity, can safely claim FIAPL as its subsidiary. And so can FIAT S.p.A. ( global FIAT parent company) TATA Motors is not claiming FIAT as its subsidiary . It is claiming FIAPL as its subsidiary. I hope things are clearer now. Gurjinder.