Based on the three-way contract involving Renault, the Industrial Development and Renovation Organization of Iran (IDRO), and Partov Negin Naseh holding company, the French automaker is going to produce new car models in Iran and establish customer service centers and auto part retail shops in the country.
The first two models, the new Renault Duster the Renault Symbol, will be manufactured in Iran by 2018.
Earlier, CEO of IDRO Mansour Moazzami had said at a televised program on Sunday that the new contract entails production of cars in two phases, the second of which will kick off in 2019 and take three years.
According to the two phases of the contract, Renault will be manufacturing 300,000 cars in Iran every year, he explained.
Renault holds 60 percent of shares in the new contract, while each of the Iranian parties holds 20 percent.
The French automakers were the first to seize the investment opportunities in Iran after the Joint Comprehensive Plan of Action (JCPOA), a nuclear agreement between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) took effect in January 2016.
Renault has already signed deals with Iran Khodro and also Pars Khodro, a subsidiary of Iran's second largest automaker SAIPA.