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Chennai - The alliance of French and Japanese automakers Renault-Nissan has signed a memorandum of understanding (MoU) with the Tamil Nadu government to set up an assembly plant in Oragadam, near Chennai, through joint venture (JV).
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Both the parties will have equal shareholding in the Rs.4500 crore-JV that will see the assembly plant roll out 400,000 vehicles a year under both the brand names - Renault and Nissan.
The production at the integrated greenfield automotive facility is expected to commence in 2010.
The plant that will cater to both Indian as well as foreign markets, will be situated on 670 acres of land and will include a powertrain facility, Renault and Nissan said.
The facility is expected to employ around 4000 people and will boast of a common powertrain and stamping facilities while body, paint and trimming would be unique to each of the two manufacturers.
"It is a major investment by Nissan into India, next to China. Nissan will like this project to be a world class one and wants it to be Nissan's export hub," Colin Dodge, senior vice-president of Nissan Motor, said.
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