Business Daily from THE HINDU group of publications
Saturday, Jan 10, 2009
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Business Daily from THE HINDU group of publications Saturday, Jan 10, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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New Projects ‘Renault-Nissan will conform to agreement with TN’ Our Bureau Chennai, Jan. 9 The Renault-Nissan joint venture has assured the Tamil Nadu Government that it would conform to the agreement on implementing the Rs 4,500 crore car project planned near Chennai, according to a highly placed Government official. The point to be kept in mind, the official said, is the “combined agreement” provides for making the investment over a period of seven years. This comes under the category of Ultra Mega Project under the State Government’s industrial policy, which provides a structured package of incentives to attract large investments. The policy recognises that such investments over a period of time would be subject to changing market circumstances. They have confirmed that the project would be “consistent with the agreement” signed with the State Government. Originally, the companies had expected to reach full capacity by 2010, the official said. But now with existing car makers cutting down on production, manufacturers setting up new capacities are bound to alter their plan to the existing market conditions. The first production line would be in place by 2010 to enable the project “to seed the market” and production would be stepped up as the market picks up, according to the official. The project is being set up by Renault Nissan Automotive India Pvt Ltd an equal joint venture between the two companies. The Consolidated Construction Consortium Ltd is the contractor for the plant, which is coming up at Oragadam to the west of Chennai. Mahindra Renault’s Logan export crosses 1,000 units Renault Nissan project gets off the ground Renault-Bajaj discussions on LCV at a nascent stage Bajaj-Renault-Nissan takes up challenge of $2,500 car More Stories on : New Projects | Cars
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