New Delhi, Oct. 24 -- The Renault Group on Thursday reached an agreement with Formula One team Alpine Racing SAS to sell the team's engine facility in Viry-Chatillon, France to Dumarey Group, a Belgian company that specialises in advanced propulsion systems, powertrain components, and clean mobility solutions.

The financial details of the deal haven't been disclosed yet. Once the acquisition is complete, Alpine Racing SAS will compete in Formula 1 under the ownership of the Dumarey Group.

The biggest catch of this deal, however, is that it would preserve the jobs of 150 employees. This comes in the aftermath of Renault announcing in 2024 that the company would stop its service as an engine provider after the 2025 Formula One season.

Th...