New Delhi (ANTARA News/Asia Pulse) - Bajaj Auto Ltd (BSE:500490), India's second largest two-wheeler maker, on Monday announced a joint venture with Renault and Nissan (TSE:7201) to produce a US$2,500 car by 2011 that will compete with the Nano, the world's cheapest car from Tata Motors (BSE:500570).
The JV for manufacturing the small car, code-named ULC, would be owned 50 per cent by Bajaj Auto Ltd (BAL) and 25 per cent each by French car maker Renault and Japan's Nissan, a BAL statement said here.
The car, which would be rolled out from a brand new plant in Maharashtra and available in the Indian market in 2011, would also be positioned for exports to other markets.
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