Well, did it ever occur to you that Reva, the first Indian electric car company might soon have a “Made in Italy” tag attached to it if all things just go right?

Just when the electric car company which had said that it could make profit from factories that make just 5,000 electric cars a year and is planning to open a plant near Syracuse, NY, USA, we also have word that Fiat’s Termini Imerese plant in Sicily, Italy could be converted to build the next-gen electric vehicles (EVs).

Cimino & Associates Private Equity is raising funds of 50 million euros, to date, around $68 million U.S. to buy the plant and is talking to Reva about taking it over and building vehicles there that cost around 16,000 to 17,000 euros ($22,000-$23,250). Apparently, the project needs 65 million euros to get off the ground. Automotive News says that the plant would need to make 30,000 vehicles a year to break even, which doesn’t mesh with Reva’s bold claims. Fiat is expected to close the plant in 2011.

Reva is currently taking orders for the NXR in Europe and the cheapest option – 9,995 euros or approx. $13,728 is to buy the car and lease the lead acid batteries. The upgraded NXG model, pictured, should be available as a 2011 model sometime soon.