August 7, 2017 / 10:04 AM / a year ago

Renault signs new joint venture deal in Iran

PARIS, Aug 7 (Reuters) - French carmaker Renault said on Monday it had signed a new joint venture deal in Iran, following an initial partnership agreement struck last year.

Renault will be the majority shareholder of the new joint venture company, formed with Iranian partners IDRO (Industrial Development & Renovation Organization of Iran) and Parto Negin Naseh, an importer of Renault products in Iran.

“This joint venture will enable an acceleration of our growth in this country,” said Thierry Bollore, a member of Groupe Renault’s executive committee and chief competitive officer.

Reporting by Sudip Kar-Gupta; editing by Richard Lough

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