Chennai, January 10, 2024 – In a significant move to strengthen its foothold in the Indian automotive market, Stellantis has announced an additional investment of INR 2,000 Crores for its Citroën brand in the Tiruvallur district of Tamil Nadu. This commitment is in line with the ‘Make in India’ initiative and comes atop an earlier investment of INR 1,250 Crores in the state. The investment, to be dispensed over the next six years, marks a strategic expansion in the production of both Internal Combustion Engine (ICE) and Electric Vehicle (EV) units.
The announcement was formalized during the Global Investors Meet in Chennai, graced by the Chief Minister of Tamil Nadu, Thiru M.K Stalin. The non-binding Memorandum of Understanding (MoU) between Stellantis and the Tamil Nadu government reinforces a partnership that began with a commitment of INR 1,250 Crores in 2019 – a figure the company exceeded in 2023. This latest investment underscores Stellantis’s accelerated growth strategy and enduring dedication to the region’s economic development.
Aditya Jairaj, CEO & MD of Stellantis India, highlighted the significance of this move, stating, “This substantial investment under the Citroën brand underscores our commitment to India’s automotive market. Tamil Nadu’s conducive business environment, coupled with firm state support, enables us to enhance our production capabilities and lead in technological advancements. Our goal is to be a driving force for sustainable growth and innovation in the region.”
In recognition of Stellantis Group’s established presence and past contributions, the Government of Tamil Nadu has pledged its support by providing vital infrastructure and regulatory facilitation. This gesture reflects the state’s commitment to nurturing business growth and attracting global innovation.
Stellantis Group’s investment extends beyond financial capital to include research and development activities at the Chennai Tech Center. By leveraging global expertise, Stellantis aims to foster innovation, sustainability, and growth in India’s automotive sector, envisioning a prosperous future for the industry and the communities it supports.
