Renault forms new JV company in Iran

Paris

FRENCH carmaker Renault said on Monday that it has signed a new joint venture deal in Iran following an initial partnership agreement struck last year, which Renault said would boost its growth in the country.

Western companies, including Renault and French rival PSA, returned to do business in Iran last year after an international deal to lift sanctions in return for curbs on Teheran's nuclear activities.