CHENNAI: Renault Nissan Automotive India Private Limited (RNAIPL) on Thursday announced the conclusion of a long term settlement agreement with its workers representative union, Renault Nissan India Thozhilalar Sangam (RNITS).

The settlement with the Union is designed to ensure long term stability and covers a period of six years effective from April 1, 2019 through March 31, 2025. The management and union have jointly submitted the settlement before the Justice P Jyothimani (Retd Judge of Madras High Court) in arbitration proceedings, following which an award has been passed in terms of settlement.

“We are very happy to reach this important agreement, ensuring employee voices were directly represented in securing a competitive settlement while at the same time keeping the welfare and aspirations of the workforce as our top priority. This is another step forward in our journey to build a sustainable and successful future for the plant,” said Keerthi Prakash, MD, RNAIPL.

Earlier this month, the Alliance announced an investment of $600mn (Rs 5,300 crore) to support the development of six new models, including two electric vehicles at the plant for domestic and international markets.

Since RNAIPL began operations in 2010, more than 2.4m Renault and Nissan vehicles have been manufactured at the plant, with vehicles exported to 108 countries.

In that time Renault and Nissan have invested $1.8 billion towards the Indian economy and created direct and indirect employment and skilling opportunities for over 40,000 workers.

Visit news.dtnext.in to explore our interactive epaper!

Download the DT Next app for more exciting features!

Click here for iOS

Click here for Android