PSA Peugeot Citroen plans $932.7 million India investment

PSA Peugeot Citroen plans $932.7 million India investment

Paris: PSA Peugeot Citroen on Thursday said it’s investing around €650 million ($932.7 million) to build a new manufacturing plant in India to further strengthen its business in this fast-growing market.

“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," PSA Peugeot Citroen chief executive Philippe Varin said in a statement.

Based in Sanand, western India, the plant will have an initial capacity of 170,000 vehicles per year, with options for further expansion.

The first locally produced Peugeot car is expected in 2014.

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