Stellantis earmarks Rs 2,000 crore fresh investment into Citroen India by 2030

The investment into the state of Tamil Nadu encompasses both capital expenditure and R&D activities at the Chennai Tech Centre, enhancing Stellantis' contribution to foster regional economic growth.

By Autocar Pro News Desk calendar 10 Jan 2024 Views icon6921 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Stellantis earmarks Rs 2,000 crore fresh investment into Citroen India by 2030

Aditya Jairaj (Right), CEO and MD, Stellantis India along with V Arun Roy, Secretary to Government, Industries, Investment Promotion & Commerce Department, Government of Tamil Nadu at the MoU signing ceremony at the Tamil Nadu Global Investors Meet 2024, held in Chennai on January 7 and 8.

Automotive conglomerate Stellantis has reinforced its commitment to India by earmarking an additional investment of Rs 2,000 crore into the French car brand – Citroen – within its umbrella. The new investment will be made over a period of the next six years in the state of Tamil Nadu, which also houses Citroen India’s manufacturing facility in its Tiruvallur district.

The newly-announced capital is in addition to the Rs 1,250 crore the company had committed in 2019, and has already executed and surpassed this threshold in 2023, in the South Indian state. Aligned with the ‘Make-in-India’ initiative, this strategic move aims to significantly expand Citroen's presence, covering both internal-combustion engine (ICE) and electric vehicle (EV) manufacturing in India.

The new investment encompasses both capital expenditure and R&D activities at the Chennai Tech Centre, thereby enhancing the contribution of Stellantis to foster regional economic growth in the country. The company formally exchanged a non-binding MoU with the Tamil Nadu government during the state’s Global Investors Meet, held in Chennai on January 7 and 8, to solidify Stellantis’ fruitful partnership with the state.

According to Aditya Jairaj, CEO and MD, Stellantis India, “This substantial investment under the Citroen brand underscores our commitment to India’s automotive market. Tamil Nadu has consistently demonstrated its suitability for business, offering a conducive environment for growth.”

“With firm state support, we aim to strengthen production capabilities, and spearhead technological advancements, reinforcing our position as a driving force for sustainable growth and innovation,” Jairaj added.

Recognising the Group’s established presence and contributions in the state, the Tamil Nadu government has pledged support, ensuring vital infrastructure and regulatory assistance. The commitment underlines the state’s dedication to foster business growth.

The Citroen brand was introduced in the Indian market in 2021, and currently offers three products - C3, C3 Aircross, and C5 Aircross SUV - in its portfolio. 

RELATED ARTICLES
New launches continue post festive season, 4 new cars lined up

auther Autocar Pro News Desk calendar02 Nov 2024

These include new models from Maruti Suzuki, Skoda and Mercedes-Benz.

Hero MotoCorp reports 18% sales growth in October 2024

auther Autocar Pro News Desk calendar02 Nov 2024

Hero MotoCorp sold 679,091 motorcycles and scooters in October 2024, marking an 18% increase year-over-year.

A look at the most affordable bikes with Anti-lock braking system in India

auther Autocar Pro News Desk calendar02 Nov 2024

Bajaj, Hero, Yamaha and Honda each have offerings that make an appearance on the list of 10 most affordable bikes with A...