In November 2009, the Renault-Nissan Alliance and Bajaj Auto Ltd. announced their intention to partner on the development of an innovative new four-wheel product for the Indian and other emerging markets. The two partners have now signed an Memorandum of Understanding (MOU) on the project.
The signing of the MOU follows discussions between both partners to define the product, manufacturing plan and distribution agreements.
As stated when the project was confirmed in November, the design, engineering, manufacturing and supply-base expertise to create this all-new product will be executed by Bajaj with the support of the Alliance. The marketing and distribution will be led by the Alliance, with the support of Bajaj.
There has been no change to this structure originally agreed between both partners.
The two said they will provide further updates on the progress of the project will be made at the appropriate time based on the achievement of various project milestones.