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UPDATE 1-Fiat says revised plan likely to show cash needs

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TURIN, April 22 (Reuters) - Fiat's revised industrial plan will probably show that the Italian automaker needs additional cash, its chairman said on Tuesday.

Recent asset sales had raised hopes that the carmaker would not have to resort to a capital increase to fund its cash-burning car operations, undergoing their worst-ever crisis, but Umberto Agnelli indicated that additional money was needed.

"We will be ready toward the end of June," Umberto Agnelli said. "We will have a clear plan of what we intend to do and the resources that will be necessary."

"If our research indicates that Fiat doesn't need funding we will all be happy, but I don't think that will be the case," he told investors in parent company Ifi .

Agnelli and Fiat Chief Executive Giuseppe Morchio took the helm of the company in February and accelerated the group's divestment plan, selling insurer Toro for 2.4 billion euros ($2.6 billion) and firming up bids for aviation unit Fiat Avio, valued at about 1.6 billion euros.

But it remains to be seen whether the automaker will still have to raise funds through a capital increase as part of a five billion euro recapitalisation plan it announced earlier this year.

Ifi and sister holding company Ifil , investment vehicles of the Fiat-controlling Agnelli family, would pay a key role in any capital increase. Less clear is the role of U.S. partner General Motors , which owns 20 percent of Fiat's core auto unit.

Fiat has an option to sell GM the remaining 80 percent next year.

At 0900 GMT, Fiat shares were up about one percent, outperforming the DJ Stoxx European auto index , which was down 0.3 percent.