MILAN, June 28 (Reuters) - Fiat's Iveco truck-making division said on Thursday it would form a joint venture with Russian industrial group Samotlor-NN to build its Daily model in the country, a fast-growing market.
Iveco said in a statement the venture would spend about 50 million euros ($67.17 million) building a plant in Nizhniy Novgorod with a production capacity of 25,000 units a year.
Iveco, which will own 51 percent of the venture, said the vehicles produced would be sold in Russia and neighbouring countries.
The Daily will come in three versions: a van, minibus and ambulance, it said.
Iveco and other truck makers are expanding in Russia and other developing markets to offset stagnant demand in mature markets such as Western Europe. ($1=.7444 Euro)
