A group of auto makers will undertake a joint venture to create a low cost car.
This group includes Bajaj Auto Ltd, a major Indian automobile manufacturer, Renault, a French vehicle manufacturer, and its Nissan Motor Co affiliate.
The car codenamed ULC will be worth of $2500 and will be launched for sale in India in early 2011.
The know-how will be made in a 400,000 units initial capacity plant in Chakan near Pune on land provided by Bajaj.
Renault-Nissan will hold intellectual property rights for the car's technical design and mechanicals, but it’s still unclear what branding will be given to the car.
US President Joe Biden and Iraqi Prime Minister Mustafa Al Qadimi signed an agreement on July 26 to formally end the USA's military presence in the country by the end of the year