Renault-Nissan and Bajaj Auto in India said that they would from a joint venture to develop a low-cost car, joining a growing list of carmakers eager to tap emerging markets as soaring oil prices drive a move toward fuel-efficient “green” cars.

The venture, of which Bajaj Auto will own 50 percent and Renault and Nissan 25 percent each, will make cars with a price rang starting from $2,500, they said, putting it squarely in the company of the Nano from Tata Motors.

With a planned initial capacity of 400,000 units a year, sales will start in early 2011 in India, with potential in other emerging markets around the world, they said a state in a statement.

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