PARIS French carmaker PSA Group will announce a return to India this week through a manufacturing venture with New Delhi-based CK Birla Group, Les Echos reported on Monday.The maker of Peugeot and Citroen cars, absent from the fast-growing Indian market since the late 1990s, has signed a joint venture deal with the family-owned conglomerate to include a Chennai assembly plant with current annual production capacity of 12,000 vehicles, the French daily newspaper said on its website.A PSA spokesman declined to comment on the report.
Under Chief Executive Carlos Tavares, PSA is pursuing an ambitious recovery plan after a 2014 brush with bankruptcy and has pledged to find an Indian partner by 2018 to resume production in a market that registers about 3 million new vehicles a year.
(Reporting by Laurence Frost and Gilles Guillaume)
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Updated Date: Jan 23, 2017 21:48 PM