Chennai. The Renault-Nissan alliance will invest $600 million or Rs 5,300 crore in research and development (R&D) to make more models, including EVs, in India. A senior officer has given this information. The Renault-Nissan alliance has signed a memorandum of understanding (MoU) with the Tamil Nadu government for fresh investments.
Announcing the new investment, Ashwani Gupta, director and chief operating officer of Nissan Motor Co, said the alliance would invest $600 million, or Rs 5,300 crore, in new projects.
He said the new investment would create 2,000 jobs at Renault Nissan R&D in Mahindra World City.
Gupta also said that Renault-Nissan Automotive India Pvt Ltd, the alliance’s manufacturing joint venture in India, has a plant nearby, which will introduce six new models, including electric vehicles (EVs).
Gupta also said that additional investment would be made in the Magnite including the left hand drive model for the export markets.
The new investment will increase the utilization of the car plant to 80 percent.
According to Gupta, by 2025 the entire plant will be powered by renewable energy.
He also said that both the partners are reconstituting their shareholding here.(IANS)
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