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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Renault exits Indian car alliance with Mahindra AFP - Saturday, April 17 Send IM Story Print Renault exits Indian car alliance with Mahindra Slideshow: Full Photo Coverage: Business & Economy MUMBAI (AFP) - – Renault has pulled out of a joint venture with Indian car manufacturer Mahindra and Mahindra which produced its first car for the growing South Asian market, the Logan, the companies announced Friday. The Logan was launched in 2007 by the joint venture -- 51-percent owned by Mahindra -- but its sales have struggled since amid criticism by some car experts of its boxy, dated design and fierce competition. "The parties have in principle agreed that M and M will take over the operations of the company," the companies said in a statement which did not say how much the stake had been sold for by Renault. The Logan is the only passenger car sold by India's Mahindra, which has traditionally been a large manufacturer of two-wheelers, tractors and jeeps. Analysts say the French car maker is keen to establish an independent presence in India, having already announced it will launch the Micra small car in India in July this year with Japanese partner Nissan. The Renault-Nissan car-making alliance has also confirmed plans for another small car in the future with another local partner -- motorcycle and scooter manufacturer Bajaj Auto. Renault's chairman Carlos Ghosn had said earlier this year that he was discussing the future of the relationship with Mahindra in an open way, where "both can find their own interests." The Logan, a mid-sized car priced at 450,000-570,000 rupees (10,150-12,850 dollars), has seen a gradual dip in sales in the past two years, hit by growing competition and higher prices, due to taxes. Logan sales have dipped from a peak of around 2,000 per month in 2008 to about 350 in March this year amid competition from mid-sized cars from rivals Tata Motors, Hyundai and Ford Motors, analysts say. "The Logan will now be re-engineered and re-designed as a Mahindra product, starting in the next two to three months," Pawan Goenka, president of Mahindra and Mahindra said. Rajesh Jejurikar, chief of car operations at Mahindra, said the group sees the change "as an opportunity to strengthen our presence in the car segment." Renault and Mahindra said they had sold 44,000 Logans in India and exported 2,600 units to South Africa and Nepal since 2007. As part of the agreement, the French company will continue to supply key parts of the Logan, including the engine and transmission, the companies said. The Logan will be sold exclusively as a Mahindra car by the end of the year. "The Logan's future will depend on how Mahindra positions the car now," said Vaishali Jajoo, auto analyst with Mumbai-based Angel Broking. Recommend Send IM Story Print Related Articles US-BUSINESS Summary Reuters - 1 hour 29 minutes ago Goldman Sachs charged with fraud by SEC Reuters - 1 hour 30 minutes ago BofA profit beats expectations, revenue lower Reuters - 1 hour 41 minutes ago Fed should exit easy policy "deliberately": Hoenig Reuters - 1 hour 49 minutes ago Home construction rises, consumer morale ebbs Reuters - 2 hours 2 minutes ago News Search Top Stories Goldman charged with fraud Brazil Amazon dam project gets new go-ahead Greece sets stage for possible EU-IMF bailout US housing construction picks up Greece lays groundwork for possible EU-IMF aid: PM More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Global temperatures hit 'hottest March on record' Obama sets new course to conquer the final frontier Hungry survivors await help after China quake New US jobless claims unexpectedly jump Obama 100 percent committed to NASA's mission More Most Viewed » Two-million-year-old hominid sheds light on evolution Taiwan's male 'Susan Boyle' a web sensation Junkies and junk-food addicts share craving mechanism Toad is a telltale for impending quakes: scientists More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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