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.
10 Jan 2024 | 7943 Views | By Autocar Pro News Desk
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.
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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.