 | « Back to article | Print this article |
Japanese auto major Nissan said on Tuesday it expects to finalise its India plans, including setting up of a manufacturing facility, by March this year as it is still at an early stage of talks with Mahindra-Renault for a joint venture.
"Discussions with Mahindra-Renault are still at an initial stage and we have not finalised anything yet at this stage," a senior official of Nissan Motor India told PTI.
Last year, Nissan had pulled out of talks with Japanese counterpart Suzuki to set up a joint manufacturing unit for compact cars in favour of joining the Mahindra-Renault team.
The official, however, iterated it would be premature to say if Nissan would partner with Mahindra-Renault or set up the manufacturing facility on its own.
"We expect a final decision by March," the official said. French car major Renault holds 44 per cent stake in Nissan.
Reports from Tokyo suggested that Nissan planned to invest about Rs 2,300 crore (Rs 23 billion) to set up a manufacturing unit in India to produce about 2 lakh cars annually.
The official, however, declined to comment on the investments stating that neither Nisssan Motor Japan nor its India subsidiary has finalised anything.
Nissan currently sells its SUV X-trail in India through the imported route with sales hovering around 250 marked last year.
Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Discussion Group