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MACHINIST - PSA Peugeot Citroen selects site near Sriperumbudur for Rs.4000 cr unit in TN

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Home arrow News arrow Automotive arrow PSA Peugeot Citroen selects site near Sriperumbudur for Rs.4000 cr unit in TN

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PSA Peugeot Citroen selects site near Sriperumbudur for Rs.4000 cr unit in TN
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Written by Krishna Kumar   
Thursday, 30 June 2011

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Chennai: French car maker PSA Peugeot Citroen has selected a site near Sriperumbudur, to the west of Chennai, in Tamil Nadu for putting up its Rs.4000 crore car plant.

The company has proposed to establish this Indian project as a 100% subsidiary of the parent company. After evaluating sites in various states, PSA has selected a site near Sriperumpudur in Tamil Nadu.

PSA is eager to establish a car manufacturing facility with an initial capacity of 3.0 lakhs cars per annum to supply to Indian and overseas markets.

PSA requested the Chief Minister for a package of support including land. Seeking support of the State Government, a High level delegation from PSA Peugeot Citroen called on the Chief Minister of Tamil Nadu, J Jayalalithaa, at the Secretariat, regarding its proposal to establish an integrated automobile project with an investment of Rs.4000 crores in Tamil Nadu.

The PSA delegation included Gregoire Olivier, CEO of Asian Operations for PSA Peugeot Citroen, China, Frederic Fabre, Managing Director of PSA Peugeot Citroen India project, Jitesh Gadhia, Senior Managing Director, Blackstone, Sanju Saha, Vice President, HR and Shashikant Vaidyanathan, PSA.

During this meeting, Minister for Industries Thiru.S.P.Velumani, Chief Secretary to Government, Principal Secretary-Industries, CMD-SIPCOT and Executive Vice Chairman-Guidance Bureau were present.

During this meeting, the Chief Minister thanked PSA for selecting Tamil Nadu and assured the support of State Government for expeditious implementation of the car project. PSA project is expected to provide direct employment to about 5,000 and indirect employment to another 15,000. The PSA project will also help attract a large number of French auto component manufacturers, triggering a multiplier benefit to the State economy.

Companies like BMW, Hyundai, Ford and Renault-Nissan have already set up manufacturing plants near Chennai. According to the state government Chennai offers a mature eco system with auto components supply base, abundant availability of skilled manpower, port logistics, etc.

PSA Peugeot Citroën (shortly called as PSA), headquartered in Paris, is the second largest automaker based in Europe and currently ranked the Sixth largest automobile manufacturer in the World. During 2010, PSA had a sales turnover of US $ 67.30 billion (Rs.3,09,556 crores) and currently ranked 94 among Fortune 500 companies.

Last Updated ( Thursday, 30 June 2011 )
 
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