January 11, 2008 -- French car maker Renault on Thursday said it will invest Rs 40 billion (US$1 billion) in association with Japanese auto maker Nissan Motors, to set up a manufacturing plant in India.

The proposed plant at Chennai would have a capacity to produce 400,000 units per annum and would make both Renault and Nissan products.

"We are in India for a long haul and are committed to investing in, to take advantage of this huge market here," Renault India managing director Sylvain Bilaine told reporters at the 9th Auto Expo here.

Source: Asia Pulse