Nissan Motor on Wednesday said it will invest up to $663 million in the electric vehicle unit of its alliance partner Renault.

Nissan has committed to invest in Ampere - Renault Group's new EV and software entity in Europe - up to Euro 600 million consistent with being a strategic investor in Ampere and securing a board seat, the automakers say in a statement.

The companies also finalised the terms of their restructured alliance. The agreements focus on extending the alliance collaboration in high-value-creation operational projects in India, Latin America and Europe.

"The partners are considering new key projects in Latin America, India and Europe that aim to deliver win-win, large-scale and actionable benefits. Among these, Renault Group and Nissan have already announced their renewed commitment to Indian operations through new investment and vehicles," the automakers say.

This investment aligns with Nissan's electrification strategy, creating multiple potential benefits and synergies that complement Nissan's own goals and initiatives in Europe and other potential markets, the statement reads.

"The investment opportunity in Ampere complements and strengthens Nissan's ongoing electric push in Europe and will deliver numerous synergies, including cost efficiencies, regulatory compliance, and a broader range of EV products and powertrains," says Makoto Uchida, president and CEO, Nissan Motor.

The definitive agreements also formalise the rebalancing of the Renault Group-Nissan cross-shareholdings and the reinforcement of the governance of the alliance.

Renault Group and Nissan will retain cross-shareholdings of 15% with lock-up and standstill obligations. Renault will transfer 28.4% of its Nissan shares into a French trust, where the entrusted shares will be voted neutrally, subject to limited exceptions. Renault Group would continue to fully benefit from the economic rights (dividends and proceeds of share sales) from the entrusted shares until such shares are sold. The transfer to the trust would trigger no impairment in Renault Group financial statements.

"As a result of the transfer of the 28.4% of Nissan shares to the trust, Nissan would be able to exercise its voting rights attached to its shareholding in Renault Group. The voting rights of Renault Group and Nissan would be capped at 15% of the exercisable voting rights, with both companies able to freely exercise their voting rights within such limit," the statement says.

"These agreements provide us with a solid base to reactivate business operations worldwide in key markets, with the potential to generate hundreds of millions in value for Renault, Nissan, Mitsubishi and stakeholders," says Luca de Meo, CEO of Renault Group.

"We are all engaged with the right mindset and welcome Nissan as a strong partner in our upcoming EV and Software pure player Ampere. It confirms the attractiveness of the project to be the frontrunner in Europe, allowing Renault and its Alliance partners to position themselves ahead of the starting grid for the EV and software race in Europe," Meo says.

Follow us on Facebook, Twitter, YouTube & Instagram to never miss an update from Fortune India. To buy a copy, visit Amazon.