Renault buys 51% stake in Nissan India's manufacturing unit

Nissan will maintain its presence in India and focus on increasing its market coverage.

The Renault Group is set to take 100% ownership of Renault Nissan Automotive India Pvt. Ltd. (RNAIPL). The French automaker has said that it will purchase the remaining 51% stake in Nissan India’s manufacturing unit.

RNAIPL will continue to produce Nissan models, including the new Magnite, the company said in a statement. It will also manufacture Nissan vehicles for export markets.

Nissan will maintain its presence in India and focus on increasing its market coverage, the statement added. The ongoing projects between the Renault Group and Nissan will continue under the new operational agreement.

The Renault Group and Nissan will continue to operate the Renault Nissan Technology & Business Centre India, in which the two companies have a stake of 51% and 49%, respectively.

Nissan President Ivan Espinosa, said, “We remain committed to the Indian market. India will remain a hub for our research and development, digital and other knowledge services. Our plans for new SUVs in the Indian market remain intact, and we will continue our vehicle exports to other markets.”

Source: ET