Newswire

Renault says to create JV to make cars in Iran

PARIS, Oct 27 (Reuters) - French carmaker Renault said on Monday it would create a joint venture with an Iranian consortium to produce its cut-price X90 car in Iran.

Renault said it would hold 51 percent of the joint venture while Iranian company AID -- a consortium of the public auto industry body IDRO and Iran's two main carmakers -- would hold 49 percent.

The venture would be launched in early 2004 and would start producing the X90 from 2006.