Stellantis to Invest 2000 Crore in India to Bolster Citroen EV and ICE Car Manufacturing

11/01/2024 - 11:14 | Citroen,   | IAB Team

Stellantis reinforces its commitment to India with an INR 2,000 Crores investment under its Citroën brand in Tiruvallur district. This investment will be made over a period of next six years. It is in addition to the INR 1,250 Crores investment already executed within the state.

Stellantis India Citroen India

Aligned with the Make in India initiative, this strategic move significantly expands the company'ss presence, covering both Internal Combustion Engine (ICE) and Electric Vehicle (EV) manufacturing. The investment encompasses both capital expenditure and research and development activities at the Chennai Tech Center, enhancing Stellantis' contribution to fostering regional economic growth.

Formally exchanged during the Global Investors Meet in Chennai, in the esteemed presence of the Honorable Chief Minister of Tamil Nadu, Thiru M.K Stalin, the non-binding MoU solidifies Stellantis' fruitful partnership with the state. Initially committing INR 1,250 Crores in 2019, Stellantis surpassed this threshold in 2023. The additional investment showcases its accelerated pace and unwavering commitment to the region's development.

Recognizing Stellantis Group's established presence and contributions, the Government of Tamil Nadu has pledged support, ensuring vital infrastructure and regulatory assistance. This commitment underlines the state's dedication to fostering business growth.

You might also like