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Renault postpones launch of its cars in India indefinitely |
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Renault, the French auto major has postponed indefinitely its plans to launch its cars in the Indian market from the upcoming Chennai plant due to global slowdown, which has affected the firm`s worldwide operations.
According to a senior Renault India official, "We have indefinitely put on hold our product plans...it is because of slowdown that has affected us globally."
The company had already stopped hiring for production activities in its upcoming Chennai facility and now is waiting for market conditions to get better.
A Renault India spokesperson said, "The construction of the plant is going on, but we have frozen our product plans due to downturn in the global economy. However, we have left our product plan at such a stage that whenever we want to defreeze it, without loss of any time we can do (that) and ramp up the production."
He added that while investment for construction of the plant was going on, it has been put on hold on product plans.
Last year, Renault India had announced plans to invest Rs 4,500 crore over a period of seven years to produce four lakh cars annually from the Chennai plant in alliance with Japanese firm Nissan.
(Posted on : 23/04/2009)
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| Renault postpones launch of its cars in India indefinitely |
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