Mumbai, May 12 (UNI) Bajaj Auto today announced joint development of a car with Multinational majors Renault and Nissan through a new joint venture.
Code-named ULC, the new car would be available at a price range starting from USD 2,500 and is likely to hit the market in early 2011.
Targeting the growing Indian new vehicle market, ULC would be made at an all new plant to be built in Chakan of Maharashtra, Bajaj Auto stated in a release issued here.
In the joint announcement made by Bajaj Auto Managing Director Rajiv Bajaj, President and CEO of Renault Carlos Ghosn and President and CEO of Nissan Bajaj would have a 50 per cent equity in the new joint venture with Renault and Nissan sharing equally the remaining 50 per cent, announced that they will form a joint-venture company to develop, produce and market the car.
Initially, the plant would produce 4,00,000 units per year. The feasibility has already extended into Joint Product Development and the project is on line to meet targeted performance and cost, the release added.
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