Renault has decided to keep its Indian plans on hold. Renault had tied up with Nissan to set up a plant in Chennai with and investment of approximately Rs 4,500 crore over seven years for producing four lakh cars annually.
With the reduction in car sales Renault has decided to slow down plans and wait till the market scenario improves. Renault will delay the launches scheduled for 2010, which the company had planned to roll out from the Chennai plant.
Last week the French government funded Renault with 3 billion Euros as loan for five years. This was done so that the French auto giant won't have to cut any jobs.
