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It's low cost

Photo : AFP

small car from Renault-bajaj : Competition for the Nano.

French auto major Renault says it has finalised plans for ultra-low cost car in India with its partner Bajaj Auto and the vehicle will hit the market by 2012. In 2008, Renault-Nissan alliance and Bajaj had announced the lowcost small car project, code named ULC, the price of which would start from $2,500 (about Rs 1 lakh). While Renault was keen on having a low-cost car closer to the Tata Group's Nano, Bajaj was more interested in producing a car with better mileage than the existing cars in the market.

COMPILED BY NIMI KURIAN

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