KARACHI: The French automaker Renault has taken back its decision to invest around $100 million in a joint car manufacturing venture in Pakistan. The Renault-Nissan Alliance and Ghandhara Nissan Limited (GHNL) had recently been in talks to set up a joint venture in Pakistan with an investment of approximately $100 million. However, Renault has suspended talks with GHNL about the planned joint venture owing to commercial reasons while Nissan will continue discussions with GHNL regarding the proposed plan. Earlier, Renault-the second largest automaker in France-and 10th largest in the world, had announced to set up a plant in Karachi to launch fuel-efficient and roomy sedan cars. It had been estimated that the project would attract investment of around $100 million including approximately 60 percent foreign investment, creating numerous direct and indirect opportunities for around 10,000 young, educated and skilled Pakistanis. The GHNL on Friday confirmed that proposed joint venture with Renault was called off. “As far as talks with Renault are concerned, please be informed that GHNL, in collaboration with a potential partner, were in talks with alliance (Renault plus Nissan). However, owing to commercial reasons, GHNL’s arrangements with the potential partner could not materialise,” said GHNL Company Secretary Sheharyar Aslam. He further added that from then onwards, Nissan had been in discussions with GHNL while Renault suspended talks. They (Renault), however, shared their view that Pakistan is on alliance project and that they aim to select only one partner for Renault and Nissan models in Pakistan. The said project of GHNL with Renault had to be executed with the collaboration of Al-Futtaim of UAE while the all three partners had decided to establish joint venture to produce the vehicles at GHNBL’s existing assembly plant located at Port Qasim. It is pertinent to mention that rumours regarding failure of GHNL talks with Renault had been circulating in local market. The Securities & Exchange Commission of Pakistan (SECP) had sought clarification from GHNL for the substantial volatility in price of its scripts. GHNL, having the sale licensee for the distribution of Nissan vehicles in CBU (completely build units) condition in Pakistan, is the only automobile company in the country assembling complete range of products i.e. passengers cars, light commercial vehicles and heavy-duty trucks and buses. Published in Daily Times, November 11th 2017.