Looks like there's a more realistic picture of it:
"Jeep is planning to build a C Segment SUV in India (2016). Fiat owns the Jeep brand since it recently took over Chrysler Corporation of the USA. Fiat will bring the Jeep brand to India and will invest in setting up production facilities. Fiat plans to invest an amount of Rs. 1500-2500 crores in India for developing new cars and for also setting up new production line for Jeep SUVs. One product that will come from this investment is the C Segment SUV from Jeep. The Jeep C Segment SUV will reach India in 2016 and will be manufactured here so that Fiat can price it well.
The Jeep C Segment SUV will be a competitor to the Honda CRV, Skoda Yeti and even the Toyota Fortuner in India. The prices of the C Segment SUV from Jeep is expected to be between Rs. 20-25 lakhs. Jeep plans to sell the C Segment SUV not just in India but also in countries like UK, South Africa and Australia. So Jeep is planning to produce more than 20,000 C Segment SUVs in India each year to sell it here and in markets abroad. The company is using M6 or 556 as the codename for the Jeep C Segment SUV."
I haven't seen any recent or updated news on this. I wonder if this is even still a go.