Keshub Mahindra, chairman of Mahindra & Mahindra, and Louis Schweitzer, chairman and CEO of Renault Group, on Monday signed a framework agreement for setting up a joint venture in India.
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Mahindra will hold a 51% share of Mahindra Renault Ltd and Renault 49%.
The agreement provides for the manufacture and sale of the Logan in India from 2007. The estimated project amount will be €125 million for a production capacity of 50,000 cars per year.
The Logan will be marketed under the brand of Mahindra Renault. Mahindra & Mahindra will use its extensive dealer network to distribute the Logan in India. A right hand drive version of the car will be developed by Renault in partnership with Mahindra for India and other right-hand drive markets.
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