Mahindra & Mahindra (M&M) plans to acquire Renault's 49 per cent stake in its JV which manufactures the Logan at Nashik in Maharashtra. Thus, M&M will get control of the JV Mahindra Renault. Under the process, the JV will become a wholly-owned arm of M&M.

Renault has given M&M the licence to continue producing the Logan while supplying key components, including the engine and transmission. M&M, in turn, will export the car, on Renault's behalf, to markets such as South Africa.

However, none of the financial details on the stake sale have been known. The partners had invested Rs 700 crore in the JV. All the assets and liabilities are to be squared up in the 51:49 ratio.

The company's name will also change in the coming months while the partners have agreed that the Renault name and logo will be used on the Logan till December 2010. Over the next 18 months, the car will be renamed an M&M-owned brand with its logo.