Stock Watch

Carmaker Renault which has a joint venture with Mahindra & Mahindra for making Logan sedan for Indian market has announced that it will operate in the country with its own dealer network. It plans to start with 15 dealers by mid-2011 and increase to 150 in the next 30 months, the company said.

French car maker Renault said that its Indian unit is planning to start an independent distribution network in India. This decision of the company is seen as a step to increase its market in India.

The independent nationwide network of Renault would take a time of 30 months to complete. Currently Renault shares a distribution network with Mahindra and Mahindra, an Indian automotive giant.

French automobile manufacturer Renault has been trying to break into the booming Indian automobiles sector for many years now, but is still stuck at a red light. Now, the company is looking to try its luck once more by joining hands with Bajaj and introducing to the market a range of low-cost, good performance vehicles.

Steel Strips Wheels, leading auto accessory company has announced that it has pocketed an order from Europe-based car manufacturer Renault. The order has been awarded for 100% supply of steel wheel rims for Renault's approaching greenfield project in TANGER, Morocco.

In a declaration, Steel Strips Wheels said that from last three month period of fiscal 2011, the company will commence supplying steel wheel rims from its Chennai facility to Renault.

The France-based Renault and Nissan from Japan are currently studying for the feasibility of making a car worth Rs.120000 with Indian motorbike maker Bajaj Auto.

The decision came after the Tata’s cheapest car Nano priced at just over Rs1 Lakh or about half the price of the cheapest car in the market now.

The French and Japanese auto firms Renault and Nissan Motor have signed up a memorandum of understanding (MoU) with the Government of Tamil Nadu to establish an integrated automotive facility at Oragadam near Chennai.

Both the companies would invest Rs 4500 crore ($1,140 million) for the 50:50 joint venture (JV) unit.

The JV unit, which has been allotted 678 acres, will have installed capacity to make four lakh vehicles annually. The facility is projected to launch the first car by 2010.