Fiat Group Purchasing, a part of Fiat (FIA.MI), plans to source $1 billion of parts from India in 2010, a senior executive said on Thursday.

Our target is to source $1 billion in 2010, Franco Cavallotti, vice-president, International of Fiat Group Purchasing, told reporters at an industry conference. That would be about 5 percent of its global sourcing.

Of the $1 billion, about $700 million would be for Fiat India Automobiles, its joint venture with Tata Motors (TAMO.BO), and the remainder for exports, he said.

It planned to source $400 to $500 million of components from India in 2009, he said.

Fiat Group Purchasing is the company that manages purchasing for the entire Fiat group. (Reporting by C.J. Kuncheria; Editing by John Mair)