NEW DELHI: Here's a competitor for Tata Motor's small car Nano. Renault-Nissan head Carlos Ghosn and Bajaj's Rajiv Bajaj unfolded their joint venture plan on Monday, announcing a low-cost car at $2,500 (Rs 1 lakh) to be manufactured in India. The car is expected to hit the road early 2011, a little more than two years after Nano, which is scheduled to roll out in September-October.
Sources said the Bajaj-Renault-Nissan car would come in both petrol and diesel options. "Initially, it would come with a petrol version and diesel would follow," they said. However, apart from revealing the price tag, the two companies refused to give details regarding investments, engine capacity, and fuel efficiency.
Sources added that a three-way MoU (memorandum of understanding) could be signed by June with the companies now busy on finalising the technical and legal nitty gritties of future engagement.
In a statement issued on behalf of Bajaj and Ghosn, the companies said they they would form a joint-venture to develop, produce and market the low-cost car code-named 'ULC' (most probably Ultra Low Cost). The new JV will be 50% owned by Bajaj Auto, 25% by Renault and 25% by Nissan (a group company of Renault).
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