Stellantis commits additional investment of Rs 2,000 crore in Tamil Nadu
Stellantis has steps on the gas pedal in India, committing a hefty Rs 2,000 crore strategic investment over the next six years for its Citroen brand in Tamil Nadu's Tiruvallur district. This move not only doubles Stellantis' initial Rs 1,250 crore investment but also expands its footprint to involve both Internal Combustion Engine (ICE) and Electric Vehicle (EV) manufacturing. The multi-crore boost also promises to fuel India's Make-in-India initiative, create thousands of jobs, and boost Tamil Nadu's economy.
At the Global Investors Meet in Chennai, a Memorandum of Understanding (MoU) was exchanged between the Tamil Nadu Government and Stellantis. With an initial commitment of Rs 1,250 Crores in 2019, the company exceeded this figure in 2023. With the announcement of investment, the Tamil Nadu Government has promised support by providing essential infrastructure and regulatory assistance.
Commenting on the occasion, Aditya Jairaj, CEO and MD, Stellantis India, said, "This substantial investment under the Citroën 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."
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