French automotive firm Valeo assures continued investment in India after meeting Minister Piyush Goyal
Paris [France], June 2 (ANI): French automotive supplier Valeo has reaffirmed its commitment to continue investing in India following a one-on-one meeting between CEO Christophe Perillat and Commerce and Industry Minister Piyush Goyal during the minister's three-day tour to France.
The global automotive technology company, headquartered in France, expressed strong optimism about India's economic prospects and the country's electric vehicle transformation.
Valeo's Pune facility is positioned at the forefront of India's EV revolution, supporting the nation's ambitious mobility goals with expanded operations and cutting-edge technologies.
Speaking to ANI after the meeting with Minister Goyal, Perillat conveyed enthusiasm about India's growth trajectory.
'There is a lot of optimism in the Indian economy. We are investing a lot in India. Very happy to share this with the Minister, and we're happy to be there and happy to continue the growth story of Valeo over there,' he stated.
The CEO highlighted several factors driving their confidence in the Indian market.
'We think that the passenger car market is going to significantly increase. We've seen that in recent years thanks to better infrastructure, good utilities, a lot of talents from the management we have there (India), from the people we are there. So very excited. It was a fantastic meeting,' Perillat added.
Piyush Goyal wrote on X after the meeting,'Held a meeting with Mr. Christophe Perillat, CEO of @Valeo_Group a global automotive supplier company with a strong footprint in India. Appreciate the company's trust in India's growth story and their plans to enhance investments in the country. We discussed avenues to scale up their manufacturing presence in India,'.
According to Valeo's assessment, India is accelerating its EV adoption at an unprecedented pace. As in the world's most populous country, the potential for electric vehicle market revolution is enormous.
EVs accounted for approximately 5 per cent of India's total vehicle sales in 2023, but this figure is expected to surge dramatically.
By 2030, the market is projected to grow by nearly 30 per cent, driven by enthusiastic adoption of electrified two-wheelers and the iconic three-wheel tuk-tuk, which comprised nearly half of all EV sales. Electric SUV models are also increasingly appearing on Indian roads.
As a global leader in electric powertrain technologies, equipping one in three new vehicles worldwide, Valeo plays a major role in meeting India's rapidly growing EV demand.
At its plant in Pune, Maharashtra, the company manufactures a comprehensive range of EV technologies for local automakers, including Tata Motors and Mahindra & Mahindra, supplying components for two-wheelers, three-wheelers, and SUVs.
The Indian government, under Prime Minister Narendra Modi's leadership, has approved a forward-looking scheme to promote domestic manufacture of passenger cars with special focus on electric vehicles.
This landmark initiative aligns with India's national goals of achieving net zero by 2070, fostering sustainable mobility, driving economic growth, and reducing environmental impact.
Today, the Ministry of Heavy Industries issued detailed guidelines for the 'Scheme to Promote Manufacturing of Electric Passenger Cars in India' (SPMEPCI), which was announced on March 15, 2024.
The Department of Revenue, Ministry of Finance, simultaneously issued notifications for reduced import duties in line with the scheme provisions.
To encourage global manufacturers to invest under the scheme, approved applicants will be allowed to import Completely Built-in Units (CBUs) of electric four-wheelers with a minimum Cost, Insurance and Freight (CIF) value of USD 35,000 at reduced customs duty of 15 per cent for five years from the application approval date.
Approved applicants are required to make a minimum investment of Rs 4,150 crore in accordance with scheme provisions. The initiative is designed to establish India as a premier global destination for automotive manufacturing and innovation while achieving 'Make in India' objectives.
The scheme aims to attract investments from global EV manufacturers, promote India as a manufacturing destination for electric vehicles, generate employment, and position India prominently on the global EV manufacturing map.
Valeo's continued commitment to Indian operations reflects the broader confidence international automotive companies have in India's transition to sustainable transportation and its potential as a global manufacturing hub. (ANI)
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