The country's second largest two- wheeler maker Bajaj Auto Ltd joined hands with Renault-Nissan to launch a small car in India by 2011 that will compete with Tata Motors' Nano.
The proposed three-way alliance between Renault, Nissan and Bajaj Auto for developing an ultra low-cost car from scratch could still be some months away.
Bajaj Fin Serv Limited, the umbrella company which comprises the financial services and wind farm businesses of Bajaj, is mulling an entry into the mutual fund business.
In the absence of consensus among the Bajaj brothers, the board meeting of the Bajaj group holding companies-Bajaj Sevasharam and Jamnalal Bajaj & Sons-will not be held.
After inking a deal with Bajaj Auto for a $2,500 car to compete with Tata Nano, Renault Nissan is entering the fray in India in the mid- to high-end car market.
Bajaj Auto and Renault of France will soon enter into a 51:49 joint venture to manufacture engines that will be fitted in the small car scheduled to debut in 2011.
The recently demerged entities of Bajaj Group -- Bajaj Auto and Bajaj Finserv failed to keep up to investor expectations with both scrips settling in the negative territory
Bajaj-Renault-Nissan will build the $2,500 car.
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