Renault Group and Nissan plan to collaborate on several new vehicle projects, including sports utility vehicles, in India as part of new initiatives announced by the Renault-Nissan-Mitsubishi Alliance on Monday.
The alliance announced a three-dimension programme including creation of operational projects in Latin America, India and Europe.
As part of the new framework, the partners also seek enhanced strategic agility with new initiatives that all three entities can join.
Besides, the board envisions a rebalanced Renault Group-Nissan cross-shareholding and reinforced alliance governance.
"For India and export, Renault Group and Nissan would collaborate on several new vehicle projects including new SUVs shared by both Renault Group and Nissan, and a new Nissan car derived from the Renault Triber," the Renault-Nissan-Mitsubishi Alliance said in a statement.
Additionally, as in Latin America, Nissan and Renault Group are also considering common A-segment electric vehicles, it added.
As part of the new arrangement, Renault Group and Nissan have entered into a binding framework agreement with a view to reach definitive agreements by the end of the first quarter of 2023.
The transactions contemplated in these definitive agreements would be subject to a limited number of conditions precedent, including regulatory approvals, and completion is expected to occur in the fourth quarter of 2023, the alliance stated.
"This far-reaching programme paves the way for a renewal and strengthening of the 24-year partnership, creating a new agile spirit and harnessing the pioneering technologies of all three Alliance members," Renault-Nissan-Mitsubishi Alliance said.
This next level will create more growth opportunities and help secure operating efficiencies for each Alliance company to innovate and transform in the fast-changing market for automotive products and mobility services, it added.
As part of the new framework, Nissan and Renault Group would retain a 15 per cent cross-shareholding, with a lock-up obligation, as well as a standstill obligation.
Renault Group would transfer 28.4 per cent of Nissan shares into a French trust.
As a result of the new arrangements, the governance agreement entered into on February 4, 2016, between Renault Group and the French State related to its shareholding in Renault Group would be terminated, the statement noted.
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