Renault to take over Nissan's 51% in Chennai plant

French major Renault Group is set to take full control of Renault Nissan Automotive India (RNAIPL) after agreeing to acquire Japanese carmaker Nissan Motor's 51 per cent stake in the Chennai-based joint venture.

- SHINE JACOB

Renault already holds the remaining 49 per cent. The deal is part of Nissan's broader turnaround strategy.

Though the firms declined to disclose financial details of the deal, Nissan will continue using RNAIPL as a key sourcing hub for its vehicles, including the Magnite, for both India and export markets.

The transaction, pending regulatory approvals, is expected to close by the end of the first half of 2025. Nissan asserted that it has no plans to exit India.

"We remain committed to the Indian market, delivering vehicles tailored to local consumer needs while ensuring top-notch sales and service for our existing and future customers. India will remain a hub for our research and development, digital, and other knowledge services," said Ivan Espinosa, president and CEO of Nissan.

"Our plans for new SUVs in the Indian market remain intact, and we will continue our vehicle exports to other markets under the 'One Car, One World' business strategy for India," Espinosa added.