ALGIERS - A joint venture will be set up by mid-September between Algeria and French car maker Renault for the installation of a car assembly plant in the North African nation, Algerian minister of industry announced here Monday.

On the sideline of the inauguration of the parliament's fall session, the minister, Mohamed Benmeradi, was quoted by APS news agency as saying that "the commission in charge of the file is due to hold a meeting today (Monday) to finalize the agreement, and eventually set up a joint venture by mid-September."

Algeria will own 51 percent of the plant's capital, which will be shared by the National Industrial Vehicles Company (SNVI) and the National Fund for Investment (FNI), while the other 49 percent of the capital will be owned by Renault, Benmeradi specified.

The Renault plant is due to be built in the province of Oran, 432km west of Algiers.

The plant will start manufacturing cars 14 months after the setting up of the joint venture, he added.

The framework agreement on the installation of a Renault car assembly plant in Algeria was inked on May 25, 2012, as a result of 15 months of talks.

In accordance with the agreement, the Renault plant will produce 75,000 vehicles per year at the beginning, and progressively reach 150,000 vehicles per year, part of which would be exported.