Renault-Nissan Deal

Diesel engine vehicles have seen a steep hike in prices after the second phase of BS-VI norms was implemented by the government

Franco-Japanese automotive alliance Renault-Nissan has concluded long-term agreement with employees considered as a landmark towards building of a sustainable and successful future for the Tamil Nadu plant, a top official has said. Renault-Nissan Automotive India Pvt Ltd recently announced investments of USD 600 million about Rs 5,300 crore which would see roll out of six new models including two electric vehicles at its plant in Oragadam near Chennai to serve domestic and overseas markets. "RNAIPL today announced the conclusion of a long term settlement agreement with its workers representative union -- Renault Nissan India Thozhilalar Sangam (employees union)", the company said in a statement. The management and the union have jointly submitted the settlement before Madras High Court retired judge P Jyothimani in arbitration proceedings, following which an award has been passed in terms of settlement, it said. Commenting on reaching the agreement, RNAIPL managing director Keerth

Nissan and Renault have changed their mutual cross-shareholdings equal at 15 per cent, ironing out a source of conflict in the Japan-French auto alliance. Up to now, Renault Group has held a 43.4 per cent stake in Nissan Motor Co. It will transfer shares equivalent to a 28.4 per cent stake to a French trust, so it will hold a 15 per cent stake in Nissan, just as Nissan holds 15 per cent of the French automaker, according to the companies. The disparity between the holdings was a cause of friction, especially after Nissan became far more profitable than Renault. The cross-national alliance, creator of the Leaf electric car and Infiniti luxury models, remains one of the world's top auto groups. But it has had its ups and downs since it began in 1999, when Renault sent one of its executives, Carlos Ghosn, to then-struggling Nissan to lead a turnaround. Ghosn first served as Nissan's chief executive and later its chairman before he was arrested in late 2018 on various financial miscond

The boards of the two firms would still need to individually approve a potential deal after Thursday's meeting

At a time when the workers of two car manufacturers are negotiating severance package and wage revision, Hyundai Motors India Ltd has announced the inking of wage agreement with its worker's union

As Renault, Nissan and junior partner Mitsubishi repair their alliance, they are under pressure to recover from two years of falling vehicle sales, a problem exacerbated by the coronavirus pandemic

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Renault and Nissan are discussing ways to strengthen their lopsided two-decade old alliance as the industry shifts to meet new challenges in an era of self-driving and electric vehicles.