Renault holds the launch of its cars in India

The new victim of global slowdown is Renault, French auto major. The company official told to a news agency that it put on hold indefinitely its plans to launch cars in the Indian market from the upcoming Chenni plant. Now the company is looking forward to improve market. However,  Nissan, the other partner of the company, is determined to roll out its cars as scheduled in 2010.Renault already stopped hiring for production activities in its Chennai plant. A Renault India spokesman said that they had left their product plan at such a stage that whenever they want to restart it, in no time they could ramp up the production. Howevre, facility construction has not stopped yet. Last year, Renault and its partner Nissan signed up a MOU to invest Rs 4,500 crore over a period of seven years to produce four lakh cars per annum from the Chennai facility. The company had earlier planned to have four platforms to manufacture its vehicles along with one or two imported models under completely built unit (CBU). Nissan also announced that it was scaling back its investments at the Chennai facility and would be starting production only through a single assembly line, with two lakh units capacity per annum, as against two lines planned earlier, the official said.