Peugeot said it will invest €650 million to build manufacturing plant in India. This plant is expected to have an initial capacity of 170,000 vehicles per year.
In a statement, Peugeot said the company will build a fully integrated manufacturing unit, engine and gearbox plant on a 600 acre site. Also, the new plant will create 5,000 new jobs and the first locally produced Peugeot car is expected by 2014.
Chairman of PSA Peugeot Citroën, Philippe Varin, said, "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."
