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Mahindra exits Renault-Nissan joint venture

Mahindra and Mahindra has decided to pull out of a three-way joint venture with Renault and Nissan to build a factory in India.

The shared plant in Chennai was to be operational by 2010 and would have produced 400,000 units a year. The three companies had announced the joint venture a year ago.

Mahindra and Mahindra held a 50% stake, with Renault and Nissan each holding 25%.

Mahindra decided to exit from the venture after it found insufficient synergies with the products of the other two companies, the Economic Times newspaper reported, quoting unnamed company sources.

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