Renault Set to Buy Out Nissan's Stake in India JV

Renault Group to own 100% of RNAIPL by buying 51% stake held by Nissan

- Press Trust of India

NEW DELHI: French auto major Renault on Monday said it will buy out its Japanese partner Nissan's stake in their Indian joint venture -- Renault Nissan Automotive India Private Ltd.

Renault Group would own 100% of Renault Nissan Automotive India Private Ltd (RNAIPL), by acquiring the 51% shareholding currently held by Nissan, the company said in a statement.

The company, however, did not disclose the financial details of the transaction.

Renault Group and Nissan have entered into a share purchase agreement to this effect.

Upon the completion of this transaction, Renault Group would own 100% of RNAIPL, it added.

The agreement also includes an operational agreement to continue the current projects between Renault Group and Nissan, and to define the future relationship of Renault Group and Nissan in India.