Renault says to create JV to make cars in Iran

Newswire

PARIS, Oct 27 (Reuters) - French carmaker Renault said on Monday it would create a joint venture with an Iranian consortium to produce its cut-price X90 car in Iran. Renault said it would hold 51 percent of the joint venture while Iranian company AID -- a consortium of the public auto industry body IDRO and Iran's two main carmakers -- would hold 49 percent. The venture would be launched in early 2004 and would start producing the X90 from 2006.

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