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EghtesadOnline: Iranian automaker SAIPA on Thursday signed a joint venture deal with French carmaker PSA Peugeot Citroën to build and sell vehicles for its Citroen brand in the country.

Chief Executive Officer of SAIPA Mehdi Jamali and Seyyed Mohmmad Ali Seyyed Abrishami an official from the Iranian automotive group inked the deal in the presence of Iran's Minister of Industries, Mines, and Trade Mohammad Reza Nematzadeh.

Jean-Christophe Quemard and Olivier Bourges signed the deal on the behalf of PSA Peugeot Citroen, reports IRNA.

PSA Peugeot Citroen and its Iranian counterpart SAIPA Automotive Group deal is a 50/50 partnership agreement.

The board of directors of the joint company will involve three people from SAIPA and three others from PSA Peugeot Citroen.

According to the Paris-based carmaker statement, under the agreement, Citroen and its Iranian partner will invest 300 million Euros ($330 million) over five years in manufacturing, research and development.

The first of three planned new Citroen models will be launched in Iran in 2018, it said.

Saipa Citroen joint venture deal PSA Peugeot Citroën