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Fiat to sack managers, close India plant -report

MILAN, June 19 (Reuters) - Italian carmaker Fiat's long-awaited new turnaround plan includes a plant closure in India and the trimming of truck-making facilities in Spain and Italy, a magazine said in an article to be published on Friday.

Italian Economy magazine also said in an advanced copy of the article that 120 out of 700 administrative jobs at the cash-bleeding Fiat Auto unit would be cut.

Fiat, which is due to unveil the plan on June 26, declined to comment on the report.

Italian newspapers have reported it would include a rights issue worth between two billion and three billion euros and cost savings of 800 million euros ($931.3 million), which could mean job cuts in administrative departments.

Newspapers have also reported that Fiat and its major creditor banks may renegotiate terms of a three billion euro convertible bond extended to the loss-making industrial group last year.

Fiat Chief Executive Giuseppe Morchio earlier on Thursday met Corrado Passera, chief executive of bank Intesa , and Cesare Geronzi, chairman of Capitalia , but no details about their meetings were available.