Bajaj Auto has formed a joint venture with Renault and Nissan to manufacture a small car in India of USD 2,500, reports Business Standard.
The car, code named ULC, is expected to hit the Indian roads in 2011.
In the joint venture, Bajaj will hold 50% and Renault and Nissan 25% each. The company will oversee the design, engineering and manufacturing of the ULC.
The three companies will shortly sign a memorandum of understanding (MoU) with the Maharashtra government for the plant, which will come up in Chakan, near Pune.
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