Business Daily from THE HINDU group of publications
Tuesday, Dec 04, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Dec 04, 2007 ePaper | Mobile/PDA Version |
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Corporate
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Alliances & Joint Ventures
Mr Anand Mahindra Our Bureau New Delhi, Dec. 3 Mahindra and Mahindra on Monday said it had no objections to its partner Renault tying up with the country’s largest two wheeler maker, Bajaj Auto, for its small car venture. However, the French auto partner hadn’t asked for a no-objection certificate, said the Vice Chairman and Managing Director, Mr Anand Mahindra. Renault, which has a joint venture with Mahindra, is conducting a feasibility study for a $3,000 small car project in partnership with Bajaj Auto. “Renault did not approach us for a no-objection certificate but we have no problem with its tie-up with Bajaj,” said Mr Mahindra, on the sidelines of the India Economic Summit. Foreign Direct Investment norms require the international partner to get an NOC from its existing partner, when tying up with new partners if the project is in the same scope of business. The maker of the Logan has a joint venture with M&M to manufacture and sell its entry-level sedan in India, which is co-branded as a Mahindra-Renault product. M&M, Renault and Nissan are also working together to set up a manufacturing plant near Chennai, which will manufacture 4,00,000 cars and utility vehicles for all the three companies. More Stories on : Alliances & Joint Ventures | Cars | Mahindra & Mahindra Ltd | Bajaj Auto Ltd
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