(RTTNews) – The Renault-Nissan-Mitsubishi Alliance announced that French automaker Renault Group (RNSDY.PK, RNSDF.PK, RNT.L) and Japanese automotive firm Nissan Motor Co., Ltd (NSANF.PK, NSANY.PK) plans to invest $600 million or 5300 crores Indian rupees in India, supporting the production of six new models, including two electric vehicles.
With the new long-term vision for the country, the companies plan to increase production and R&D activities, introduce electric vehicles, and transition to carbon-neutral manufacturing.
The projected initial investment would support the new projects, which are expected to create up to 2,000 new jobs, and their Chennai factory would become a carbon-neutral vehicle plant.
The companies, from their Renault Nissan Technology & Business Centre in Chennai, would collaborate on six new production vehicles for domestic and international customers, including two new fully electric vehicles. With this, the Renault-Nissan centre will be uplifted into an international export hub, focusing on new Indian and international projects.
The companies last week had announced new high-value-creation operational projects for the Renault-Nissan-Mitsubishi Alliance.
Regarding the new production plans, the companies said the six new models will comprise of three for each company, engineered and built in Chennai. They will be built on common Alliance platforms while retaining the individual, distinctive styling of the respective brands.
They will include four new C-segment SUVs. Two new A-segment electric vehicles will be the first EVs for both Renault and Nissan in India.
The new models will be aimed at Indian customers as well as for exports from India, boosting plant utilisation to 80 percent and securing many thousands of jobs at the Renault Nissan Automotive India Private Ltd or RNAIPL plant in Chennai for many years to come.
Renault and Nissan also announced the realigning of their shareholding in their joint operations. Under the new framework deal, RNAIPL will move to an ownership of 51 percent Nissan and 49 percent Renault.
Renault Nissan Technology Business Centre or RNTBCI will move to an ownership of 51 percent Renault and 49 percent Nissan.