Stellantis India announced that it has acquired the remaining equity stake held by CK Birla Group firm Hindustan Motor Finance Corporation Ltd. (HMFCL) in Stellantis Automobiles India Private Limited (SAIPL), taking 100% ownership of the joint venture and its car assembly facility in Thiruvallur, Tamil Nadu.
- With full ownership of the JV, it gains full control over its Thiruvallur facility.
- The facility manufactures four Citroen models and exports to eight countries.
- Stellantis aims to ramp up current production capacity and workforce.
The transaction, executed through foreign direct investment, concludes the joint venture established in 2017 between Stellantis and the CK Birla Group, which brought French carmaker Citroen to the Indian market. The plant manufactures four Citroen nameplates, including the C3, eC3, Aircross, and Basalt, and ships completely built units (CBUs) to eight export destinations across four continents.
What is Stellantis India planning after exercising full control?
With sole control established, Stellantis says it plans to raise annual output at Thiruvallur by more than 160%, targeting a ramp-up from 16,000 units in 2026 to upwards of 43,000 units by 2028. The expansion is projected to more than double the facility’s direct shopfloor workforce from its current level of 610 employees.
Shailesh Hazela, CEO and Managing Director, Stellantis India, said, “India remains a key pillar of Stellantis’ growth strategy. Having invested close to INR 11,000 crore in the country to build a strong manufacturing, engineering and export ecosystem, we continue to see significant opportunities ahead. This milestone will enable greater integration and enhance our ability to respond more quickly to customer and market needs.”