Iran's carmaker Saipa signs historic deal

Business Materials 16 November 2016 17:17 (UTC +04:00)

Tehran, Iran, November 16

By Mehdi Sepahvand - Trend:

A contract for joint venture between France’s Citroen and Iran’s Saipa is finalized and the related certificate is being issued, said Saipa CEO Mehdi Jamali.

This is the first time in Iran’s car making history that a foreign company is directly buying 50 percent of a production factory, he said, IRNA news agency reported November 16.

As soon as the certificate is issued, the financial transactions will be carried out and the shares will be transferred, he said.

Jamali said his company is also in talks with Renault, KIA, and Nissan, underlining that the talks are going well.

Renault and Saipa now have a joint company called Renault Pars, 49 of which belongs to Saipa and 51 percent to Renault, he noted.

According to Jamali, on November 15 Saipa sold its record number of cars which was 2,483.