Renault India is planning to launch a sub-INR400,000 (US$6,527.13) car in India in 2015, as it looks to double its market share to 5% over the next three to four years, reports PTI.

“Our current market share is 2.6% and in the mid-term (3-4 Years) we aim to double the market share,” said Sumit Sawhney, Renault country chief executive officer and managing director.

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According to Sawhney, the company is also planning for a captive financing arm for both Nissan and Renault, which will provide credit related support to dealers and customers.

However, he did not reveal whether RCI Banque was planning to introduce its business in the country.

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