Stellantis, the automotive multinational, has reiterated its commitment to India with a substantial investment of INR 2,000 Crores. The investment will be directed towards strengthening the manufacturing capabilities of the Citroën brand in the Tiruvallur district. This financial commitment, spanning over the next six years, aims to enhance both Internal Combustion Engine (ICE) and Electric Vehicle (EV) manufacturing under the Citroën brand.
Investment Details
Stellantis plans to invest INR 2,000 Crores in India, focusing on Citroën’s manufacturing activities. This investment is in addition to the earlier INR 1,250 Crores committed to the state.
Duration
The investment is set to be executed over the next six years showcasing a long-term commitment to the Indian market.
Make in India Initiative
The investment aligns with the Make in India initiative emphasizing Stellantis’ dedication to manufacturing in the country.
Expansion of Presence
Stellantis aims to significantly expand its presence in India covering both ICE and EV manufacturing contributing to the regional economic growth.
Chennai Tech Center
The investment includes capital expenditure and research and development activities at the Chennai Tech Center reinforcing Stellantis’ commitment to technological advancements in the region.
Government Support
The Government of Tamil Nadu has pledged support ensuring necessary infrastructure and regulatory assistance for Stellantis’ initiatives in the state.
Accelerated Commitment
Stellantis had initially committed INR 1,250 Crores in 2019, and the additional investment underscores the company’s accelerated pace and unwavering dedication to the region’s development.
The non-binding Memorandum of Understanding (MoU) was exchanged during the Global Investors Meet in Chennai, with the Honorable Chief Minister of Tamil Nadu, Thiru M.K Stalin, in attendance. The support from the state government highlights its commitment to fostering business growth and collaboration with established automotive players like Stellantis.
2024-01-11 19:56:54
