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French car maker PSA Peugeot Citroen has selected a site near Sriperumbudur, to the west of Chennai, in Tamil Nadu for putting up its car plant.
The company plans to invest Rs 4,000 crore in an integrated automobile project, according to a press release issued by the Tamil Nadu Government.
A delegation from PSA Peugeot Citroen that included Mr Gregoire Olivier, CEO of Asian Operations of PSA Peugeot Citroen, and Mr Frederic Fabre, Managing Director of PSA Peugeot Citroen Indian project, today met the Chief Minister, Ms Jayalalithaa, the Industries Minister, Mr S.P. Velumani, and officials regarding the project.
The company plans to set up a plant with an initial capacity of three lakh car a year through a fully-owned subsidiary.
During the meeting, Peugeot requested the Chief Minister for a package of incentives from the State Government, including land. Ms Jayalalithaa assured the French company support for speedily implementing the project. The project is expected to provide direct employment to about 5,000 people and indirect employment to another 15,000.
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