Industrial Development and Renovation Organization (IDRO) and French car maker Renault here on Sunday evening signed an agreement to launch the first phase of a platform to produce a new automobile in Iran, IRNA reported from Tehran.

IDRO's Director General Reza Veisseh, talking to reporters on the sidelines of a ceremony to conclude the agreement, said the platform was a joint venture project to produce cars named "L-90", stressing that the agreement would be finalized in four months.

Veisseh said the IDRO had entered the venture with Renault on a participation ratio of 51 to 49.

He said the project was expected to produce between 300,000 to 500,000 L-90s in the next Iranian calendar year of 1382 (starting March 21), stressing that the cars would be all LNG-fueled.

Veisseh said the project, to be completed in several phases, would develop Iran's automobile industry, stressing that the products would be presented to both domestic and the target markets of the project.

He further said the IDRO was trying to develop Iran's technology to produce auto spare parts within the frameworks of the IDRO-Renault agreement, adding that this would boost Iran's exports in the area.

Renault president Louis Schweitzer, for his part, voiced the interest of his company to cooperate with Iran's automobile sector in pushing forward the modernization policy and promoting the technology of the sector.

He said IDRO and Renault share a strong determination to implement the "L-90" project, stressing that the success of the project would benefit both parties.

Schweitzer further expressed hope that the joint venture would be a beginning for a lasting cooperation between Iran and France in the automobile sector.