The Honourable Chief Minister of Gujarat, Shri Narenda Modi, and Mr. Philippe Varin, Chairman of the Managing Board of PSA Peugeot Citroen, presided over a ceremony which marks the signature of an SSA between Peugeot and the State of Gujarat.
Under the agreement, Peugeot plans to invest approximately €650m on a site of 600 acres in the heart of Sanand in Western India. A state of the art vehicle manufacturing plant will be built by Peugeot, for body, paint and assembly operations with an initial 170,000 vehicles per year capacity. An engine and gearbox plant will use the latest and most advanced powertrain technologies allowing for a fully fledged industrial automotive facility. The investment will see 5000 new jobs available to the automotive hub as well as creating further employment opportunities through a supplier park adjacent to the site in order to provide the facility with required parts and service. It is expected that the first Peugeot vehicle will be produced in 2014.
During the signature ceremony, the Honourable Chief Minister of Gujarat, Shri Narendra Modi, declared: "We assure all support to Peugeot for fast track implementation of the Project."
Mr. Philippe Varin said:"We are proud to announce this new milestone in Peugeot’s continued global expansion and to have chosen to grow our Indian roots in the State of Gujarat. We view India as one of the most important and dynamic markets in the world, with forecasts of it becoming the third largest automotive market by 2020. Gujarat offers a proactive business friendly environment, excellent infrastructure and is geographically well-positioned to cater to passenger car markets across India."
Also announced is the intention to create and Automotive Skills Development Institute (ASDI) in partnership with the Government of Gujarat, reinforcing Peugeot's commitment to deliver consistent levels of high production, products and services to customers across the globe as well as contributing to the development of highly skilled automotive manpower to the region.
For Peugeot, India is a key priority, with the investment highlighting the long term vision to provide products which are progressively introduced and well adapted to the market. Peugeot will strengthen both its identity and "MOTION&EMOTION" signature, at the same time introduced a set of carefully targeted models adapted to the Indian markets and requirements.
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