UPDATE 1-Renault says to create car making venture in Iran

Newswire

(Adds details) PARIS, Oct 27 (Reuters) - French carmaker Renault said on Monday it would create a joint venture with an Iranian consortium to build and sell its cut-price X90 car in the fast-growing market. 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 production would start in 2006, with an ...

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