NHK has learned that automakers Nissan and Renault may refocus their partnership in some key developing markets as part of efforts to rebalance their capital alliance.

Sources say the companies are eyeing expansion in India as well as South and Central America. The plan is said to be contained in a five-point agreement the two sides are working out.

Momentum to overhaul the alliance is gaining amid rapid changes in the global car market.

The French automaker now holds a 43 percent share of its Japanese partner. Nissan wants the figure to be cut to 15 percent to match its stake in Renault.

The two sides have broadly agreed to reduce Renault's stake by placing shares in a third-party trust to be sold off in phases.

The companies would have equal voting rights in each other. Nissan would also acquire up to 15 percent of Renault's new electric vehicle unit.

Negotiations are said to be in the final stages. A deal would potentially take the lopsided partnership to a new stage.

The automakers formed their alliance when Nissan was in serious financial trouble in the late 1990s.