Renault exits from Logan JV, M&M gets licence

Ending months of differences over production of entry-level sedan Logan in India, French auto major Renault has announced its exit from the joint venture with Mahindra & Mahindra.

Paying back in the same currency to its Indian partner, who had in 2008 walked out of a Rs 4,000-crore tripartite manufacturing joint venture in Chennai, Renault said it would sell its 49 percent stake in Mahindra Renault Pvt Ltd to M&M but did not give the valuation.

Source : ddinews