French car parts maker Valeo to invest over Rs 2,100 crore in India as part of 'Elevate 2028' plan: CEO

New Delhi: French car parts maker firm Valeo on Wednesday said it plans to invest more than 200 million euros in India (Rs 2,146.18 crore) in the coming years as part of its "Elevate 2028" strategic plan to significantly expand its industrial footprint in the country.

These investments will enable Valeo to triple sales in India to around 700 million euro by 2028 from 220 million euro in 2024 and prepare for the next step of high growth beyond 2028.

The group is leveraging the rapid acceleration of electrification and AI technologies to serve the growing needs of Indian and global OEMs. The company sees India as one of its top three markets globally.

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 by 2028 from 220 million euros to more than 700 million euros. I will be announcing a significant investment in India. We'd like to invest more than 200 million euros in the coming years to prepare for this growth." The Valeo CEO shared that the 200 million euro investment in India will be primarily in the "power and brain" segments, where power denotes electrification technologies, including the motor, inverter, charger, converter, as well 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 operated in India since 1997. The group runs six production sites across Chennai, Pune, Sanand, and Gurgaon, and global R&D centres 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.