French auto major Renault on November 10 said it has finalised plans for ultra-low cost car in India with its partner Bajaj Auto and the vehicle will hit the market by 2012. “As per the agreement, the design, engineering, sourcing and manufacturing will be handled by Bajaj Auto while marketing and selling will be by Renault-Nissan Alliance,” Chairman and CEO of Renault Carlos Ghosn at the India Economic Summit. The brand under which the car will be sold will be selected by the Ranualt-Nissan Alliance, he added.

Earlier in 2008, Renault-Nissan alliance and Bajaj had announced the low-cost small car project, code named ULC, the price of which would start from USD 2,500 (about Rs 1 lakh). However, differences erupted between the partners on a host of issues, including branding, styling and price point. While Renault was keen on having a low-cost car closer to the Tata Group’s Nano, Bajaj was more interested in producing a car with better mileage than the existing cars in the market.

Ghosn had declined to commit whether the car would stick to initial price point of $2,500. “Branding will be the responsibility of the Renault Nissan alliance. Bajaj has shown no interest in having the ‘Bajaj’ name on the car,” Ghosn added. On the investments required for the project, he declined to comment saying it would be done by its Indian partner. When contacted, Bajaj Auto Managing Director Rajiv Bajaj declined to comment on the investment plans for the project.

Ghosn said while the car is primarily meant for India, it will be also exported to emerging markets. “We think because of the low cost of this product, it will be very useful and economical to ship to countries which have free trade agreements with India,” he said. It can be exported to countries where “Rajiv Bajaj is exporting his three-wheeler”, he added. Ghosn said a contract has been signed between the partners on who does what for the project and “if there was a need for the formation of a joint venture then we will have in future”.

As per a memorandum of understanding signed in May 2008, Bajaj was supposed to hold 50 per cent in the joint venture for developing the car, while Renault and Nissan would own 25 per cent each. The companies had announced that the ULC would be rolled from an all-new plant to be constructed in Chakan, Maharashtra with an initial capacity of 4 lakh units a year. India’s Tata Motors had earlier this year introduced Nano, considered to be the world’s cheapest car, with a price tag of just over Rs one lakh.

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