New Delhi, February 18 French automotive parts maker Valeo announced on Wednesday that it plans to invest more than €200 million in India (₹2,146.18 crore) over the coming years as part of its "Elevate 2028" strategic plan to significantly expand its industrial presence in the country.
These investments will enable Valeo to triple sales in India to around €700 million by 2028, up from €220 million in 2024, and prepare for further growth beyond 2028.
Valeo also revealed that it has commissioned a new plant and dedicated e-axle production lines at its Pune facility to support a major electrification program with Mahindra & Mahindra (M&M).
"Valeo has been selected to supply electric powertrains for a range of vehicles under M&M's 'Born Electric' passenger vehicle platform, along with on-board charger combo units for its electric utility vehicles. This strategic partnership represents a total order value of close to USD 1 billion and reinforces Valeo's commitment to localization and the growth of India's electric mobility ecosystem," the company stated.
Addressing a media briefing here, Valeo CEO Christophe Perillat said, "We've been very pleased to announce that our sales will triple in the next three years, from €220 million to more than €700 million by 2028. We will be announcing a significant investment in India. We plan to invest more than €200 million in the coming years to prepare for this growth."
He is part of the delegation accompanying French President Emmanuel Macron to India.
The company sees India as one of its top three markets globally, and is leveraging the rapid acceleration of electrification and AI technologies to serve the growing needs of Indian and global original equipment manufacturers (OEMs).
The Valeo CEO shared that the €200 million investment in India will primarily be in the "power and brain" segments, where "power" denotes electrification technologies, including the motor, inverter, charger, converter, as well as the cooling part, including the heat pump and battery cooling.
The investment will also flow to the "brain" technology, which is the advanced driving assistance systems, the Valeo CEO said.
Valeo has been operating in India since 1997. The group operates six production sites across Chennai, Pune, Sanand, and Gurgaon, and global R&D centers in Chennai and Bengaluru.
Valeo employs over 7,500 people in India, with over 50 per cent engineers contributing to global research, development, and manufacturing activities.