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TIGER PRODUCTIONS
French multinational manufacturer, Peugeot Citroen has considered making a halt of its plans for India as of now as it ceded the ownership right of a 600-acre land based at Sanand, Gujarat. Last year in around August, the auto giant shared its plans for embedding Rs. 4,000 crore manufacturing facility in Gujarat and also declared to launch a sedan by this year end.
This was a new initiative from the French carmaker with an aim to revive itself in India after fifteen long years. But the same is now kept on hold as the company has to focus on its flagship venture based near home and right now it is fighting against all odds related to financial crisis to animate its century old existence.
According to people close to the development team, Peugeot Citroen failed to pay periodic payments to the Gujarat Government and deferred the plans of acquiring green field plant with 1.70 lakh units capacity along with holding future plans. The second-largest carmaker in Europe signed a State Support Agreement (SSA) with the Gujarat government last year in September for establishing its new plant in India.
Managing Director of Gujarat Industrial Development Corporation (GIDC), M Sahu stated, “Peugeot Citroen has planned to hold all its plans for India.” The GIDC is a nodal agency that allots lands to industries in Gujarat.
A person close to the Indian unit of Peugeot Citroen mentioned that the company has no commitments for India as of now and any new possibilities will occur only by 2015-16. Basically the Paris based automaker is currently focusing on Europe, its key market and thus India is quite afar on the map.
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