MUMBAI, May 12: Renault-Nissan and India’s Bajaj group said on Monday they planned to make a $2,500 car by early 2011, the second effort to make a cheap car for the South Asian nation’s rapidly growing middle class.

The budget car, which would cost Rs100,000 in India, is so far only known as “Codename ULC.”

The joint venture would be 50 per cent owned by Bajaj Auto, 25 per cent by Renault and 25 per cent by Nissan, a statement said.—AFP