Copyright © HT Media Limited
All rights reserved.
Stellantis Group has announced its plans to invest an additional ₹2,000 crore under the Citroen brand in Tiruvallur district in Tamil Nadu, home to the French automaker in India. The auto giant announced the fresh investment during the Global Investors Meet in Chennai in the presence of Thiru MK Stalin, Chief Minister of the state. The ₹2,000 crore investment is in addition to the ₹1,250 crore already invested by the automaker in 2019 and the non-binding MoU between Stellantis and Tamil Nadu “solidifies the brand’s fruitful partnership with the state."
Stellantis said it will be utilising the funds towards capital expenditure, as well as research and development activities at the Chennai Tech Center, which should enhance the company’s contribution to “fostering regional economic growth." Citroen also said that the move signifies the company’s presence in the Internal Combustion Engine (ICE) and Electric Vehicle (EV) manufacturing spaces.
Also Read : Citroen C3 Aircross drive review: Brave attempt to challenge the champions
Speaking about the investment, Aditya Jairaj, CEO & MD - Stellantis India, said, “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 recognising 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."
Citroen announced its entry into India in 2019, and went on to launch the C5 Aircross SUV in 2021. The company followed it up with locally made offerings like the C3 hatchback, E-C3 electric hatchback, and C3 Aircross in the following years. The company is now gearing up to introduce the C3X, which is expected to be a cross-sedan with a raised body style coupled with a three-box layout.