The company, which is targeting a market share of over 5 percent in India, is also leveraging on its 4,500 strong R&D Centre in Chennai to come up with products which are "right for the country".

"India is the biggest challenge for Renault in the next two years we have high ambitions from the Indian market. It is very important for us," Renault Chairman of AMI (Africa, Middle East and India) Region Bernard Cambier told on the sidelines of Paris Motor Show.

Spelling out the company's new business plans he said, "We have plans to develop some new services. I have ambition with Sumit Sawhney (Renault India Country CEO and MD) to develop the used car business and lot of things like that."

Sawhney said the entry into used car business would help the company in overall brand building.

"When a customer is coming today to buy a Renault car he already owns a car, so he is looking forward to an exchange platform where he can get right value for his existing car," Sawhney said.

He further said, "Also if a customer wants to buy a Renault car we can always give him the option to liquidate his existing Renault car to buy a new one. So used car business is important from customer point of view and for dealers it gives them turnover."

Asked by when the company planned to operationalise the vertical, he said, "We want to start this business next year."

Commenting on the preparations for the launch of a multi purpose vehicle (MPV) and sub-Rs 4 lakh car in the Indian market, Sawhney said the company is working to develop "right products at right price" as it wants to have a strong entry in the two volume segments.

"What we have seen is that a lot of companies have not brought the right product or at a right price. So at Renault what we are trying to do is to bring a right product at a right price at a right time so we are leveraging our technology centre in Chennai," he added.

Stressing that Renault doesn't want to be a marginal player in India, he said, "One point is that wherever we want to go we want to have a strong entry in that segment. We don’t want to be a marginal player in that segment so that is a clear vision. So we are building a strong runway for Renault in coming years."

He added that the two segments would be able to push the company's market share in India to over 5 percent in the next three years.