India's leading auto maker Mahindra & Mahindra has decided to buy out Renault stake. The Indian firm has 49% of the stake in the joint venture with the French company Renault. The joint venture agreement was signed almost five years back. Both of them produce Logan and Nashil jointly.

Renault has provided the license to the Indian firm to produce and market the Logan. It used to supply the key components of the automotive which also includes engine and transmission. Mahindra and Mahindra will export the Sedan to various overseas markets.

After the buy out Mahindra Renault will be a wholly-owned arm of Mahindra & Mahindra. However, the company has not provided any of the financial detail on the sale to the media.

Dr Pawan Goenka, President, Automotive Sector, Mahindra &Mahindra, has informed that his company will have the purchase ownership too. All the purchasing functions for Logan in India will be done by M&M only. He has also said that the company is looking forward to rebuild a marketing strategy for the Indian market. He has anticipated that the partners of the company will maintain convivial relations after the buy out too.