Renault Group has acquired Nissan’s 51% stake in Renault Nissan Automotive India Pvt. Ltd. With this, the French automaker has become the sole owner of the Chennai plant. The Chennai factory has an annual production capacity of more than 400,000 units. Since it began operations in 2010, the plant has produced over 2.8 million vehicles and 4.6 million engines and gearboxes. Around 1.2 million vehicles manufactured at this facility have been exported to over 100 countries. The acquisition of the Chennai plant will not affect Nissan’s operations and its future product plans for India. Nissan will maintain its presence in India while focusing on increasing its market coverage and will continue to produce Nissan models. Francois Provost, CEO of Renault Group, said, “India is a key market for Renault Group. Over the past 14 years, we have successfully established the Renault brand thanks to our dedicated teams and partners, reaching peak sales of over 100,000 vehicles sold per year. India also plays a vital role in our global R&D footprint. With full ownership of our plant in Chennai, we now have all the means to accelerate in India.” Source:ET Auto
