France’s Renault to Buy 20% Shares of Iran’s Pars Khodro Auto

Posted: November 16, 2014 in Econ 101, Free Trade, Iran Already A Western Business Partner


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Renault to buy 20% of shares of Iran’s Pars Khodro


By Milad Fashtami    Nov 16, 2014

Renault to buy 20% of shares of Iran's Pars Khodro

Photo Credit:REUTERS/Stephane Mahe

France’s car-maker Renault is in talks with Iran’s SAIPA Company to buy 20 percent of the shares of Pars Khodro Company.

Majid Souri, an official with SAIPA Company, said that by buying the mentioned shares, Renault will gain a seat in the company’s board of directors.

“If the nuclear talks bear results, our negotiations will be pursued seriously,” he added.

He went on to note that currently SAIPA owns 74 percent of Pars Khodro Company’s shares.

“Renault seeks to boost its production in the Iranian market,” Souri said.

Iran’s total car output has been increased significantly in the current calendar year, which started on March 21.

Some 625,540 cars have been produced in Iran in the first seven months of the current calendar year, which stated on March 21.

The figure shows a 71.4-percent increase compared to the same period of the previous year.

Sedan cars output stood at 530,313 in the mentioned period, some 70.8 percent more than previous year.

Iran produced 989,110 cars in 2012, which made the country Asia’s eighth largest car manufacturer.

Iran also stood at the world’s 18th place in the mentioned year.

China, Japan, South Korea, India, Thailand, Turkey, and Indonesia were Asia’s seven largest car manufacturers.

© Trend News Agency 2014


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