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French automobile company to set up unit near Sriperumbudur

Special correspondent

— Photo: DIPR

Gregoire Olivier, CEO, Asian Operations, of PSA Peugeot Citroen, greeting Chief Minister Jayalalithaa in Chennai on Wednesday.

Chennai: A French automobile company has chosen Tamil Nadu for its integrated project with an investment of Rs.4,000 crore.

A high-level delegation from PSA Peugeot Citroen called on Chief Minister Jayalalithaa at the secretariat on Wednesday. Minister for Industries S.P. Velumani was also present, according to an official release here.

The company is interested in setting up a car manufacturing facility with an initial capacity of three lakh vehicles per annum for Indian and overseas markets.

It will be a 100 per cent subsidiary of the parent company. After evaluating various sites, it has selected a site near Sriperumbudur.

Chennai offers a mature eco-system with auto components supply base, abundant availability of skilled manpower, port logistics, etc. Above all, according to PSA, the support of the State government being the most critical, the company has requested the Chief Minister for a package of support, including land.

Ms. Jayalalithaa thanked the company for selecting Tamil Nadu and assured it of the government's support for expeditious implementation of the project.

Direct employment

The project is expected to provide direct employment to about 5,000 and indirect employment to another 15,000. Also, it will help attract a large number of French auto components manufacturers, triggering a multiplier benefit to the State economy, the release said.

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