Bajaj Auto Ltd (BAL) has decided to joine hands with Renault-Nissan to launch a small car in India by 2011. Rajiv Bajaj, Managing Director, Bajaj, and Carlos Ghosn, President and CEO, Renault, and President and CEO of Nissan, on Monday formally announced that they would form a joint venture company to develop, produce and market the car, code-named ULC, with wholesale price range starting from $2,500. "Targeting the growing Indian new vehicle market, the ULC will be made at an all-new plant to be constructed in Chakan (Maharashtra),' BAL said in a statement carrying the announcement. Tata Motors will be rolling out the small car Nano on price point of Rs. 1 lakh. Nano, which was showcased during the last auto show here, was an instant hit with the people. Chakan plant In the joint venture, Bajaj would hold 50 per cent stake, while French car maker Renault and Japan-based Nissan would hold 25 per cent stake each, it added. The Chakan plant would have an initial production capacity of four lakh units annually. "Sales will start in early 2011 in India, as a primary market, with growth potential in other emerging markets around the world,' Bajaj Auto said. The company further said that the feasibility had already extended into joint product development and the project was "on line to meet targeted performance and cost'.