Renault signs new JV in Iran

Renault signs new JV in Iran

French carmaker Renault has confirmed that it has signed a new joint venture (JV) deal with Iranian entities to manufacture more than 150,000 cars annually in the country.

As part of the deal, Renault will work with Iranian partners Industrial Development & Renovation Organization of Iran (IDRO) and Parto Negin Naseh to produce cars.

It may be noted here that Parto Negin Naseh has already been a key Iranian importer of Renault products. Renault is already producing 200,000 vehicles per year in the country.

Thierry Bollore, Member of Groupe Renault Executive Committee, said, “We are happy to sign this agreement with IDRO and Parto Negin Naseh Company. In a rapidly expanding Iranian market, it was vital to implement plants, engineering and purchasing center.”

The new deal followed an initial deal that the French carmaker struck with IDRO in September last year.

Western companies like PSA and Renault are returning to do business in Iran following last year’s international deal in which the United States lifted sanctions in return for curbs on Iran’s nuclear activities.

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