Nissan joins Renault-Mahindra alliance to build 902 mln usd India auto plant |
|
|
|
Published
:
Mon, 26 Feb 2007 08:47
|
CHENNAI, India (XFN-ASIA) - Japanese automaker Nissan Motor Co joined an alliance between its French partner Renault SA and India's Mahindra and Mahindra to build a 902 mln usd plant in Chennai, southern India.Renault and Nissan will together hold a 50 pct stake in the three-way venture, with Mahindra taking the remainder, the partners said in a statement after signing a preliminary agreement.The plant will have the capacity to turn out 400,000 automobiles a year, seven years after it starts production, according to the statement released in the capital of Tamil Nadu state.The 400-hectare factory will provide auto production capacity for each automaker, and enable the rollout of both cars and sports utility vehicles.Production is expected to begin in the second half of 2009.With a population of more than 1 bln, India has one of the fastest expanding markets in the world and offers 'important opportunities for growth and profitability,' Renault chief executive Carlos Ghosn said in November.The Indian car market expanded by 68 pct between 1998 and 2003 to reach 1.04 mln vehicles in 2004, according to Renault.afp/net
|
|
|
|
|
|
|
| Stock
Quotes * |
|
NASDAQ
|
|
2792.28 |
22.57 (
0.81 %)
|
| SYMBOL (
2012-01-19 ) |
| LAST |
CHANGE
|
|
CARNIVAL
(
11:35am )
|
|
2017.00 |
46.00 (
2.42 %)
|
|
WHITBREAD
(
11:35am )
|
|
1662.99 |
33.99 (
2.09 %)
|
| SYMBOL (
2012-01-19 )
|
| LAST |
CHANGE
|
|
IBM
(
12:34pm ) |
|
181.50 |
0.43 (
0.24 %)
|
| SYMBOL (
2012-01-19 )
|
| LAST |
CHANGE
|
|
|
Print this Story
Nissan to build factory in India with Renault, Mahindra - report 