Peugeot To Set Up Rs 4,000-Crore Facility In Gujarat

Ahmedabad, Sep 1: Making its re-entry into India, French auto major PSA Peugeot Citroen (PPC) today inked an MoU with the Gujarat Government to set up an integrated manufacturing facility at an investment of Rs 4,000 crore at Sanand near here.

The agreement was signed by Gujarat Principal Secretary Maheswar Sahu and PSA Peugeot Vice-President (Emerging Market and India) Fredic Fabre in the presence of Chief Minister Narendra Modi here.

“The fully integrated facility of PPC, the first one in India, will be set up on 584 acres with an investment of Rs 4,000 crore. It will have an initial capacity of 1,65,000 units annually and is expected to be commissioned by end of 2013,” an official statement stated.

“Gujarat offers a proactive business environment, excellent infrastructure and is geographically well positioned to cater to passenger car markets across India,” PPC Board Chairman Philippe Varin said.

From: http://ping.fm/zcAF4