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FINANCIAL NEWS
Renault’s Algerian car assembly plant moving ahead
05 Nov 2012
(MENAFN) French minister for industrial renewal, Arnaud Montebourg, stated that the establishment of Renault’s car assembly plant in Algeria is making headway, reported Xinhua News.
The framework agreement on the installation of the factory in the North African country was signed on May 25, following 15 months of negotiations.
Nevertheless, the joint venture, planned to be installed by mid-September, is yet to be established.
It is worth noting that the Renault plant is expected to produce 75,000 cars on annual basis that would be increased to 150,000 units eventually.
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