Automobile industry to reach new heights by 2030
None | June 05 , 2007
Nissan Motor Co, Japan's third-biggest automaker, Renault SA, which owns 44 percent of Nissan, and Indian tractor and utility vehicle maker Mahindra & Mahindra Ltd are all set to build a car factory in Chennai. The automobile triumvirate recently signed a memorandum of understanding to set up this facility, which is a prestigious 950 million project with a capacity to produce 400,000 units in seven years. Renault already has a joint venture with Mahindra to make its no-frills Logan car at a factory in the western state of Maharashtra from this year.