"As per the agreement, the design, engineering, sourcing and manufacturing will be handled by Bajaj Auto while marketing and selling will be (done) by Renault-Nissan Alliance," Chairman and CEO of Renault Carlos Ghosn at the India Economic Summit.
The brand under which the car will be sold will be selected by the Ranualt-Nissan Alliance, he added.
Earlier in 2008, Renault-Nissan alliance and Bajaj had announced the low-cost small car project, code named ULC, the price of which would start from $2,500 (about Rs 1 lakh).
However, differences erupted between the partners on a host of issues, including branding, styling and price point. While Renault was keen on having a low-cost car closer to the Tata Group's Nano, Bajaj was more interested in producing a car with better mileage than the existing cars in the market.
Ghosn had declined to commit whether the car would stick to initial price point of $2,500.
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