The PSA Group and the CK Birla Group have signed joint-venture agreements to produce and sell vehicles and components in India by 2020.

The ceremony of signature lays the foundation for a long term partnership between the two Groups and represents a key milestone in the development of the PSA Group in India, a cornerstone of its strategic growth plan "Push to Pass".

The CK Birla Group further deepens its capabilities in the auto component and automotive sector in India.

The partnership entails two joint-venture agreements between the PSA Group and the CK Birla Group companies. As part of the first agreement, the PSA Group will hold a majority stake in the joint-venture company being set-up with HMFCL for the assembly and distribution of PSA passenger cars in India.

As per the second agreement, a 50:50 joint-venture is being set-up between the PSA Group and AVTEC Ltd for manufacture and supply of powertrains. The manufacturing sites for both vehicle assembly and powertrains will be based in the state of Tamil Nadu.

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