Bajaj ULC projects is on with Renault-Nissan

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 India's Bajaj Auto Ltd said its project to develop four wheelers for Nissan Motor Co 

and partner Renault SA was on track after a newspaper said it had been called off, citing a top executive. 

Earlier on Friday, the Wall Street Journal reported Bajaj had shelved the project to develop a low-cost minicar in India for Renault-Nissan, saying it was commercially unviable, citing Managing Director Rajiv Bajaj. 

"We would like to clarify the Bajaj-Renault-Nissan project is very much on," S Ravi Kumar, Bajaj Auto's senior vice-president for business development, said in an e-mailed statement to Reuters. 

"The new four-wheeler platform, which will have commercial and passenger applications, will be showcased to Renault-Nissan in January 2012." 

The Renault-Nissan alliance signed a memorandum of understanding (MOU) last year with India's No.2 two-wheeler maker to develop an ultra low-cost car for India and other emerging markets, and had planned to launch it in 2012. 

The car was expected to compete with Tata Motors' Nano, the world's cheapest car. 

The design, manufacturing and sourcing for the car was to be done by Bajaj, and Renault-Nissan would handle marketing in India and overseas, according to the agreement.
 

[Source:indiainfoline.com]

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