Tata signs sponsorship deal with Ferrari

Italy, Dec 18: Ferrari have bucked the global economic crisis squeezing Formula One by agreeing a sponsorship deal with carmaker Tata."For the first time an Indian brand will appear on the Ferrari," president Luca di Montezemolo told Italian media. "It`s historic." A Ferrari spokesman confirmed a deal had been reached and said the details and duration would be announced shortly. Tata and Ferrari`s parent company Fiat have a joint venture in Maharashtra to produce cars. Formula One approved a package of cost-cutting measures last week to help the sport after the economic crisis led to Honda`s withdrawal. Bureau Report