Peugeot Citroen puts India investment plans on hold
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PSA Peugeot Citroen, the France based leading car maker which was earlier planning to set-up its first manufacturing facility in the Indian market, has surrendered their right to a 600-acre tract of land at Sanand in Gujarat. The company had earlier planned to establish a manufacturing facility here with an investment of Rs 4,000-crore.
In September last year, the company had signed State Support Agreement (SSA) with the Gujarat government, to establish a manufacturing plant with a capacity of 1.4 lakh units by year 2016. Peugeot Citroen is the second largest car maker in Europe following Volkswagen AG.
As per the recent media reports, the company has planned-up to focus on the operations of their flagship venture in Europe, which is currently witnessing one of the worst ever financial crisis. Thus, the India debut plans of the company are now kept in 'indefinite abeyance'.
While informing about the company’s decision, Gujarat Industrial Development Corporation’s (GIDC) managing director, M Sahu, said, "All their plans for India are on hold as of now."
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