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Renault acquires Nissan's stake in Chennai unit; sees India as export hub

French automaker Renault Group said on Friday it will acquire Nissan's 51 per cent stake in their joint venture manufacturing plant in Chennai as it seeks to expand Indian sales and exports. Renault announced the Competition Commission of India, the country's fair trade regulator, had approved its proposal to buy Nissan's stake. Renault Nissan Automotive India (RNAIPL) will be 'fully consolidated' in Renault Group's consolidated financial statements. The stake purchase is part of a strategy to make India an international manufacturing hub, said Renault in a statement without commenting on the size of the deal. Renault announced in April that Chennai has its largest design centre outside France. It also announced the launch of New Renault Triber, the first model in an ambitious 'product offensive' that will include four cars. The company aims to strengthen sales in India and expand exports from the country. Stéphane Deblaise will take over as chief executive officer of Renault Group in India on September 1. Renault and Japanese firm Nissan jointly own a 'leading engineering centre', which plays an 'active role' in developing and adapting vehicles to meet the needs of both local and international markets. India is the world's third-largest automotive market and 'a driver of innovation, a source of inspiration for new generations, and a major player in the transformation of the automotive sector,' the company said. This ambition is reflected in a major product offensive, with the launch of four new models. It kicks off with the launch of New Triber. The cooperation with Nissan will continue in this new context. In particular, RNAIPL will keep producing Nissan models as planned. "India is a key market for Renault Group. Over the past 14 years, we have successfully established the Renault brand thanks to our dedicated teams and partners, reaching peak sales of over 100,000 vehicles sold per year. India also plays a vital role in our global R&D (research and development) footprint. With full ownership of our plant in Chennai, we now have all the means to accelerate in India,' said François Provost, chief executive officer of Renault Group. Since its launch in 2010, the Chennai plant has produced over 2.8 million vehicles — including 1.2 million exported to more than 100 countries — as well as 4.6 million engines and gearboxes. Supported by an ecosystem of nearly 300 local suppliers, the plant has an annual production capacity of over 400,000 vehicles.