Carlos Ghosn says Nissan-Renault has signed a deal with Bajaj Auto for an ultra low-cost car, which will hit the market by 2012. He also sees the small car being exported from India. "The low-cost car will be marketed and sold by Renault-Nissan."

The Nissan-Renault CEO says  the cost of car will be lower than any car in India. "We have a very clear idea of the cost, fuel-efficiency of the car."

He stated that plans with Ashok Leyland are on track. Goshn added that the company will inaugurate its Chennai plant in March 2010.

At 12:30 pm, Bajaj Auto was quoting Rs 1,482.00, up Rs 11.6, or 0.79%.

Here is a verbatim transcript of Carlos Ghosn address to mediapersons:

Now, we have divided the task. We know what Rajev (Bajaj) is going to be doing, what we are going to be doing, and we are going to settle this in a contract which will make clear about who pays what and who finances what. While we can solve everything through a contract, it is fine if we need to create a joint venture. But it will not change the agreement that we have decided.

The USG will be manufactured by Bajaj. It is going to be their responsibility to manufacture it because I want to make sure that the cost of the car is not going to be tweaked or influenced by anyone else but Bajaj.