February 14, 2023
2 mins read

Renault Nissan to bet big on India

The Renault Nissan Automotive Pvt Ltd signed a MoU with the Tamil Nadu government for investing Rs 3,300 crore in the first phase of the investment plan..reports Asian Lite News

The French-Japanese Renault-Nissan alliance will invest $600 million (Rs 5,300 crore) over a five year period in India to roll out more models including EVs and also in the research and development (R&D), said a senior official.

The Renault Nissan Automotive Pvt Ltd signed a MoU with the Tamil Nadu government for investing Rs 3,300 crore in the first phase of the investment plan, a state government statement said.

Announcing the new investment, Nissan Motor Company Director and Chief Operating Officer, Ashwani Gupta, aid the alliance will invest $600 million in the new projects.

He said the new investments will create 2,000 jobs at Renault Nissan Technology & Business Centre at Mahindra World City near here.

Gupta also said the alliance’s India manufacturing joint venture Renault Nissan Automotive India Pvt Ltd having its plant near here will roll out six new models – equally badged between Renault and Nissan – including electric vehicles (EV).

The new models include four new C-segment sport utility vehicles (SUV). Two new A-segment electric vehicles will be the first EVs for both Renault and Nissan in India.

The alliance plant rolls out Renault and Nissan badged cars out of its plant near here.

Gupta also said additional investments will be made in the model Magnite including left hand drive for export markets.

The fresh investments will increase the car plant utilisation to 80 per cent.

According to the Tamil Nadu government, the 4.8 lakh units per annum Renault Nissan Automotive plant currently rolls out about 2 lakh units per year.

The company plans to increase the production by another 2 lakhs per annum that includes launching new models necessitating the fresh investments of Rs 5,300 crore over a five year period.

According to Gupta, by 2025 the entire plant will be powered by renewable power.

The car plant is also targeted to become 100 per cent carbon neutral by 2045 by reducing energy consumption by 50 per cent and 100 per cent renewable power.

Gupta also said the two partners are realigning their shareholdings globally and it will happen here too.

ALSO READ: Noida becomes choicest biz destination

Previous Story

Meet Forbes Middle East’s 100 Most Powerful Biz women in 2023

Next Story

India’s seafood exports all set to reach all-time high

Latest from Asia News

Border Sealed, Hopes on Hold

A Hindu family from Balochistan’s Sibi was reportedly denied entry into India after the closure of border crossing….reports Asian Lite News Pakistan and India’s decision to shut down the Wagah-Attari border crossing

Arab World Condemns Kashmir Terror Attack 

The Arab world has strongly condemned the deadly terrorist attack in Pahalgam, with leaders from Kuwait, Saudi Arabia, the UAE, Qatar, Iraq, Jordan, and the broader League of Arab States offering condolences

Modi’s ‘Neighbourhood First’ in Action

“The 1st tranche of 17,030 vials of Vaccines for the Immunisation of patients with Thalassemia was handed over to Nepal…reports Asian Lite News In pursuance of its commitment to Prime Minister Narendra

Wagah Busy with Exiting Visitors

After the sudden developments, at the Attari-Wagah Border, the stream of Pakistani tourists was observed seeking urgent clarity and assistance….reports Asian Lite News Following the horrific terrorist attack in Jammu and Kashmir’s

Pakistan Slams IWT Move as ‘Act of War’

Islamabad also said that India’s decision to suspend the Indus Waters Treaty (IWT) will be considered as an “act of war”…reports Asian Lite News The high-level emergency meeting of Pakistan’s National Security
Go toTop

Don't Miss

India-UK Trade Talks Reviewed at Top Level

The commerce secretary emphasised India’s commitment to safeguarding its interests

India’s external debt up 8.2%

The long-term debt estimated at $499.1 billion, formed the largest