French automaker Renault and its Japanese partner Nissan Motor announced plans today to open a new business centre in Chennai next year that will employ more than 1,500 workers by 2010.The centre, which will be a 50-50 joint venture between the two partners, will support the two automakers' global engineering, purchasing, design, cost management and information systems operations.Renault, Nissan and Mahindra & Mahindra are also jointly building a $902-million factory in Chennai. Nissan and Renault are also considering launching a low-cost $3,000-dollar car in India, one of the world's fastest growing automobile markets.Nissan has decided to join a project between Renault and Indian motorcycle manufacturer Bajaj Auto to develop and produce an ultra-affordable car, the Nikkei business daily reported today without naming its sources.M&M readies for US buyAiming to scale the billion-dollar turnover mark by 2010 in its auto component business, Mahindra and Mahindra (M&M) is scouting for acquisitions in overseas markets for forgings, design and engineering software solutions.The company may establishing its base in emerging markets such as China and Africa."We are looking at a billion-dollar turnover by 2010, which is currently at $800 million. We are also looking at $1 billion market capitalisation as early as possible against the current market cap of $600 million," Hemant Luthra, president, system, M&M, said here on the sidelines of ACMA convention.
