By Dominic Chopping
Renault agreed to buy the remaining stake it doesn't already own in an Indian plant as part of its plan to accelerate development in the country.
The French carmaker said Friday that it acquired Nissan's remaining 51% stake in their joint plant in Chennai on the Bay of Bengal, strengthening its presence in India to support its growth ambitions and make the country a key international hub.
"The company aims to strengthen its sales in the Indian market and expand its exports from this major industrial hub," it said in a statement.
Since its launch in 2010, the Chennai plant has produced more than 2.8 million vehicles, with around 1.2 million exported to more than 100 countries, as well as 4.6 million engines and gearboxes. The plant has an annual production capacity of more than 400,000 vehicles.
The plant will continue to produce Nissan models alongside Renault cars, the company said.
To support the move, Renault named Stephane Deblaise as chief executive of Renault Group in India, effective Sept.1 . Deblaise joined Renault in 2000 and has held several strategic positions within the group's international operations, including in Latin America, China, France and Korea.
The Indian plant is supported by an engineering center in the country, jointly owned by Renault and Nissan, that helps develop and adapt vehicles for local and international markets.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
08-01-25 0152ET
