<p>“We can perhaps fulfill our mutual objective through a simple OEM arrangement, and without the need to necessarily create a new corporate entity in the form of a JV,” Bajaj Auto Ltd (BAL) Managing Director Rajiv Bajaj told PTI.<br /><br />Bajaj Auto had entered into a tripartite agreement with Renault and Nissan in 2008 to make small car with a price tag of $2,500. He, however, said a final decision has not been taken yet and the three partners will together decide the future course of action. “A final decision will eventually be made jointly,” Bajaj said.<br /><br />Bajaj said as part of the understanding reached last year between the two-wheeler major and Renault-Nissan, BAL will be responsible for development and manufacture of the ULC, the Franco-Japanese alliance will handle marketing and sales.<br /><br />However, as per a memorandum of understanding signed in May 2008, Bajaj was supposed to hold 50 per cent in a joint venture for developing the car, while Renault and Nissan would be owner of 25 per cent stake each. <br /><br /></p>
<p>“We can perhaps fulfill our mutual objective through a simple OEM arrangement, and without the need to necessarily create a new corporate entity in the form of a JV,” Bajaj Auto Ltd (BAL) Managing Director Rajiv Bajaj told PTI.<br /><br />Bajaj Auto had entered into a tripartite agreement with Renault and Nissan in 2008 to make small car with a price tag of $2,500. He, however, said a final decision has not been taken yet and the three partners will together decide the future course of action. “A final decision will eventually be made jointly,” Bajaj said.<br /><br />Bajaj said as part of the understanding reached last year between the two-wheeler major and Renault-Nissan, BAL will be responsible for development and manufacture of the ULC, the Franco-Japanese alliance will handle marketing and sales.<br /><br />However, as per a memorandum of understanding signed in May 2008, Bajaj was supposed to hold 50 per cent in a joint venture for developing the car, while Renault and Nissan would be owner of 25 per cent stake each. <br /><br /></p>