The Renault Nissan alliance signed a Memorandum of Understanding (MoU) with the Tamil Nadu government for the new investment.
The Renault-Nissan alliance, a Franco-Japanese alliance-will invest $600 million or Rs 5,300 crore in India to roll out more models including electric vehicles, create jobs and also in research and development (R&D), said a senior official. The investment will also be used to decarbonise a manufacturing in Chennai, the companies said in a joint statement on Monday, February 13. The Renault Nissan alliance signed a Memorandum of Understanding (MoU) with the Tamil Nadu government for the new investment.
Announcing the new investment, Ashwani Gupta, Director and Chief Operating Officer, Nissan Motor Company said the alliance will invest $600 million or Rs 5,300 crore in the new projects. He said the new investments will create 2,000 jobs at Renault Nissan R&D at Mahindra World City near Chennai.
Gupta also said the alliance’s India manufacturing joint venture Renault Nissan Automotive India Pvt Ltd having its plant near Chennai will roll out six new models including electric vehicles (EV). The alliance plant rolls out Renault and Nissan badged cars out of its plant near Chennai.
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 Gupta, by 2025 the entire plant will be powered by renewable power. He also said that the two partners are realigning their shareholdings.