French car parts maker Valeo on Wednesday unveiled plans to increase its sales in India, driven by new initiatives announced alongside President Emmanuel Macron's trip to India this week, which is expected to yield new deals for French companies.
Valeo said it would be investing more than 200 million euros ($237 million) in the coming years to expand its presence in India and that these new investments were aimed at tripling its sales in the country to around 700 million euros by 2028.
The group is focused on building strong competencies in new-technology products in India while progressively increasing localisation across manufacturing and operations, it said. It aims to address the country's needs in both the passenger vehicle and small mobility markets.
A month ago, India and the European Union struck a long‑delayed deal, aiming to slash tariffs on most goods to boost two‑way trade and reduce reliance on the U.S. amid growing global trade tensions.
Valeo added it had been selected to supply electric powertrains for a range of vehicles under the "Born Electric" passenger vehicle platform of Indian company Mahindra & Mahindra and that this strategic partnership had a total order value of close to $1 billion.
"India is a key pillar of Valeo's global growth and innovation roadmap, and we are committed to significantly expanding our engineering centers and industrial footprint," Valeo CEO Christophe Perillat said in a statement.
The group, operating in the country since 1997, currently employs more than 7,500 people in India.
($1 = 0.8449 euros)
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