MUMBAI - Fiat India Automobiles, a joint venture between Fiat and Tata Motors has raised a loan worth $510 million, a Citigroup India spokesman said on Monday.

The rupee and euro loan was arranged by Citigroup, the spokesman said.

The firm makes Fiat-branded cars and engines and assembles Tata passenger vehicles. ($1=48.2 rupees) (Reporting by Narayanan Somasundaram; Editing by John Mair)