Renault, IDRO deal historical: Senior French official

Executive Vice President and Chief Competitive Officer in Renault Group Thierry Bolloré elaborated the details of contract in a ceremony held to celebrate the event and said: 'The full industry value chain will be transferred to Iran.'

Based on the contract, Renault will sponsor the project in all phases, including investment, technology transfer, engineering and export, Bollore added.

The official hailed Iran's valuable human resources, infrastructure, enriched culture and geopolitics.

He pointed to continued presence of Renault in Iran since 2004 and noted that inking the deal proves Renault commitment to attend Iran's auto industry for long-term.

Renault would develop cooperation with its old partners, including Iran Khodro and Saipa, Bolloré noted.

Renault and IDRO on Monday inked a 660-million-euro contract.

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