Mahindra & Mahindra (M&M) today announced a 125 million euro joint venture with French auto major Renault, which will see the launch of mid-size Logan in India by the first half of 2007.While M&M will have a 51% stake in the joint venture, Renault will hold the remaining 49%. The JV will be called Mahindra Renault.The deal provides for production of Logan, developed by Renault, from the first half of 2007 at an M&M facility. The capacity of the factory for Logan will be 50,000 cars per year.The factory will offer a stamping shop, a paint shop with top quality pre-treatment and an assembly line specific for Logan. The car will carry 50% localised components from the beginning, and will be marketed under the brand of Mahindra Renault.M&M will use its dealer network to distribute the car in India.
