Auto major Stellantis Group has announced an additional investment of Rs 2,000 crore under the Citroen brand in Tamil Nadu. This will be Stellantis’ second major investment in the state having already invested Rs 1,250 crore so far. The fresh investment will be made in the Tiruvallur district, home to the automaker in India with the company entering into a non-binding agreement with the state of Tamil Nadu.
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The investment was announced at the Global Investors Meet held in Chennai in the presence of the Tamil Nadu Chief Minister, Thiru M.K. Stalin. The company said that the new investment “solidifies its partnership with the state” while reiterating its commitment to the Indian market. The funds will be used towards capital expenditure and research and development activities at the Chennai Tech Center, the company said in a statement.
Stellantis India has signed a non-binding MoU with the Tamil Nadu government to invest Rs 2,000 crore in the state.
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.”
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The funding should also enhance Stellantis’ contribution to fostering regional economic growth, the company added. Citroen India retails both internal combustion and electric vehicles in the country, and its plans should get a boost with the additional funding.
Citroen sells four cars in the country at the moment. The range starts with the Citroen C3 hatchback, followed by the all-electric e-C3 hatchback, C3 Aircross compact SUV and the C5 Aircross midsize SUV. Citroen will be bringing its fourth model based on the C-Cube platform later this year. It’s likely to be called the C3X and will be a rugged sedan with an SUV-inspired profile.
