In a statement, the company said, 'The Lite concept would first offer low running costs and affordable monthly outflows coupled with a reasonable cost of acquisition. This would lead to unbeatable total cost of operation'.
Commenting on the partnership with Renault, he said BAL was looking to gain expertise from the partner not only in development of engines but also in the actual production of car, besides gaining global market access.
"We hope to learn a lot from them in terms of what it takes to produce cars in large scale consistently and also to de-risk the project in terms of geography," Bajaj added.
Asked if BAL was looking for a similar partnership with Renault for light commercial vehicles venture, he said:
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