Renault may invest 1.5 bn euro for small car project in India

French car maker Renault SA​ is likely to invest Euro1.5 billion (Rs. 10,335 crore) in India for its small car project and is in talks with the Gujarat government to build a factory in that state.

The company has been scouting for at least 100 acres for which it aims to invest more than Rs. 2,000 crore in the first phase.

In total, the company is planning to invest Euro1.5 billion and build a factory to produce at least 400,000 cars every year.

The investment includes setting up a new plant, the project development cost and developing a vendor base near the plant.

The car is expected to be rolled out by 2015.