PSA Group to make cars in India; to invest over $100 million
PSA Group will tie-up with CK Birla Group to set up a manufacturing plant in Chennai.
French automobile major PSA Group announced its partnership with CK Birla Group to manufacture cars in India.
The company said that it has agreed to put in an initial investment of 100 million Euros (about $107 million) for vehicle and powertrain manufacturing in Chennai, Tamil Nadu.
PSA Group which has brands such as Citroen, Peugeot and DS Automobile will put in the money to set up a production plant with a initial manufacturing capacity of 100,000 vehicles annually.
The French carmaker will make cars in India amid efforts to reduce its European focus.
PSA CEO Carlos Tavares said that it is still discussing which brand to sell in India.
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