"We can perhaps fulfil our mutual objective through a simple OEM arrangement and without the need to necessarily create a new corporate entity in the form of a joint venture," Mr. Bajaj had said. This is in contrast to an MoU signed in May 2008, under which Bajaj was supposed to hold 50 per cent in a joint venture for developing the car, while Renault and Nissan would have 25 per cent stake each.