Stellantis has declared an investment of INR 2,000 Crores into its Citroën brand, this strategic move aligns seamlessly with the ‘Make in India’ initiative
A Closer Look at the Investment
This significant infusion of funds is marked for both Internal Combustion Engine (ICE) and Electric Vehicle (EV) manufacturing for Citroën Brand Vehicles in Tamil Nadu.
Over the next six years, Stellantis plans to channel this investment, building upon the INR 1,250 Crores already invested within the state.
The scope of this strategic move is vast, covering capital expenditure and research and development activities at the Chennai Tech Center. Stellantis is not merely investing; it’s contributing to regional economic growth and technological advancements.
Forming Alliances at the Global Investors Meet
The announcement was formalized during the Global Investors Meet in Chennai, graced by the esteemed presence of Thiru M.K Stalin, the Honorable Chief Minister of Tamil Nadu.
Stellantis, in a non-binding Memorandum of Understanding (MoU), further strengthened its partnership with the state.
This move follows Stellantis’ initial commitment of INR 1,250 Crores in 2019, a threshold that was surpassed in 2023, highlighting the accelerated pace of their commitment to the region’s development.
A Word from Stellantis India’s CEO & MD
Aditya Jairaj, the CEO & MD of Stellantis India, emphasized the profound impact of this substantial investment under the Citroën brand.
Recognizing Tamil Nadu’s business-friendly environment, he outlined the company’s intention to fortify production capabilities and lead technological advancements.
Government Backing and Commitment
Acknowledging Stellantis Group’s established presence and past contributions, the Government of Tamil Nadu has pledged crucial support, ensuring essential infrastructure and regulatory assistance.
This commitment reflects the state’s dedication to fostering business growth and creating an environment necessary to economic development.
Stellantis Group’s Vision for India
Stellantis Group, with a commitment to fostering innovation, sustainability, and growth in India’s automotive sector, draws on its global expertise.
This investment signifies not only a financial commitment but a dedication to shaping a prosperous future for the automotive industry and the communities it supports.
Stellantis’ substantial investment underlines its commitment to India’s automotive market, marking a pivotal moment in the Citroën brand’s journey within the country.