Renault SA and Nissan Motor Co, are planning to invest ₹5,300 crore in India, the automakers said in a joint statement on Monday. The development comes days after they announced a revamp of their carmaking alliance also known as Renault-Nissan Alliance, last week. As part of their renewed partnership, the companies will collaborate on producing six new vehicles for domestic and international customers, that will include two fully new electric vehicles at the Renault Nissan Automotive India Pvt. Ltd (RNAIPL) facility in Chennai.

“An initial investment of around $600 million/₹5,300 crores is planned to support the new projects, which will see up to 2,000 additional new jobs created at the Renault Nissan Technology & Business Centre in Chennai. At the same time, the RNAIPL factory will become carbon-neutral with a significant increase in renewable energy generation,” the automakers said.

The automakers plan to achieve carbon neutrality by 2045 by reducing energy consumption and plan to expand their R&D activities in order to add 2,000 new jobs.

“Renault and Nissan are fully committed to the Indian market, committed to electrifying the Indian market and committed to minimising our impact on the environmentIndia was the first Alliance plant and India will be at the centre of this new chapter of the Alliance, with new vehicles, new R&D activities and new export markets taking our joint operations to the next level,” says Guillaume Cartier, chairperson for Nissan’s Africa, MiddleEast, India, Europe and Oceania region.

“For the first time, the Nissan line-up in India will reflect our global power in high-quality SUVs and EVs, bringing greater value to our employees, customers and communities,” he adds.

The companies have also decided to renew their shareholding in the Indian market. Under the new framework agreement, Renault Nissan Automotive India Private Ltd (RNAIPL) will move to 51% ownership by Nissan and 49% ownership by Renault. Renault Nissan Technology Business Centre (RNTBCI) will have 51% ownership by Renault and 49% by Nissan.

“India is a key market for Renault Group. Over the past 14 years, we have been developing the Renault Brand with our teams and dealers, up to reaching 100 thousand vehicles sold per year. India has also a key role in our R&D worldwide. footprint. This project together with Nissan is a first concrete output of the new Alliance ambition released on February 6th,” says François Provost, International Development & Partnerships Renault Group and Managing Director of Alliance Purchasing Organisation.

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