Iran authorizes Citroen investment
Tehran, Iran, Nov. 23
By Mehdi Sepahvand – Trend:
The Iranian Organization for Investment and Technical Assistance has authorized the French automaker Citroen to invest in Iran.
The announcement was made by Citroen’s Iranian partner Saipa, pointing out that this is the first time in Iran’s auto industry when a foreign company makes direct investment by buying bonds of an Iranian company, IRNA news agency reported November 23.
According to talks previously held between Citroen and Saipa, the French company will by 50 percent shares of Saipa Kashan and then start investment for joint venture.
Iranian companies started finalizing their arrangements with foreign carmakers in early 2016 after Iran was freed from sanctions.
Major Iranian carmaker Iran Khodro has also started a joint venture with Peugeot.