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FINANCIAL NEWS
Renault to establish vehicle assembly factory in Algeria
04 Sep 2012
(MENAFN) Algeria’s minister of industry, Mohamed Benmeradi, stated that in late 2013, Renault will establish a car assembly factory in Algeria’s Oran province, reported Xinhua News.
Benmeradi said that annual car production at the plant will start with 75,000 units, and will grow to reach 150,000 units.
Renault will have a 49-percent stake in the factory’s capital, whereas Algeria will hold the remaining 51 percent that will be divided between the National Industrial Vehicles Company (SNVI) and the National Fund for Investment (FNI).
It is worth noting that after 15 months of discussions, the framework agreement on setting up the Renault car assembly factory in Algeria was signed on May 25.
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