PARIS (Reuters) - Peugeot maker PSA Group signed a joint venture with three Algerian partners to launch a manufacturing unit building cars for the Algerian market, it said on Sunday.
The French carmaker said it would hold 49 pct of the joint venture’s capital, representing a total investment of around 100 million euros ($117 million).
The Algerian partners are Condor Electronics, Palpa Pro and Entreprise Nationale de Production de Machines-Outils (PMO).
A production unit will be fully operational in 2019 with local operations gradually starting from 2018, Peugeot said.
($1 = 0.8574 euros)
Reporting by Sybille de La Hamaide; Editing by Robin Pomeroy