The rebalancing of their mutual shareholdings by Nissan and Renault guarantees increased management flexibility for each automaker but fewer synergies under their partnership — once seen as the most successful alliance in the industry.

Renault's plan to reduce its stake in Nissan to 15% from 43% will help the French automaker propel investment for growth with the proceeds, while giving its Japanese partner more autonomy, analysts say.

The two automakers said recently that they will jointly develop six new models for the Indian market and export, their first tie-up plan after outlining the new capital structure.