Citroen Declares Additional INR 2,000 Crore Investment in Tamil Nadu

The automaker has already made an investment beforehand worth INR 1,250 Crore in FY2019 and this INR 2,000 Crore investment comes in addition to it.

Published On: 11/01/24
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Citroen declared its entry into the country in the FY2019, and went ahead towards the launch of the C5 Aircross SUV in 2021.
The automaker announced the investment during the Global Investors Meet in the presence of Thiru MK Stalin.

Stellantis Group has declared their plan to invest an additional amount of INR 2,000 Crore under the badging of Citroen in Thiruvallur district in TamilNadu, home to the French car maker in the country. The automaker declared about the fresh investment whilst the Global Investors Meet was happening in Chennai in the presence of Chief Minister of TamilNadu, Thiru MK Stalin. The INR 2,000 Crore investment is in furtherance of the INR 1,250 Crore investment already made by the auto giant in the FY2019 and the non-binding Memorandum of Understanding between the Stellantis Group and Tamil Nadu “solidifies the brand’s fruitful partnership with the state.”

The Group further added that it will be employing the funds towards capital expenditure, as well as R&D activities at the Chennai Tech Center, which would further reinforce the firm’s contribution to “fostering regional economic growth.” Citroen also added that this move reflects the brand’s presence in the ICE or Internal Combustion Engine and EV or Electric Vehicle manufacturing spaces.

Aditya Jairaj, CEO and MD, Stallantis India in regards to the investment said, “this substantial investment under the Citroen brand underscores our commitment to India’s automotive industry. 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 declared its entry into the country in the FY2019, and went ahead towards the launch of the C5 Aircross SUV in 2021. The brand then followed it up with locally made automobiles like the E-C3 electric hatchback, C3 Aircross, and C3 hatchback in the following years. The brand is now powering up to introduce the C3X, which is anticipated to be a cross-sedan with a uplifted body style mated with a 3-box layout.