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Renault returns to Formula-1 in 2016

Renault has confirmed that it will return to Formula One after its successful takeover of the Lotus F1 Team. On 3rd December, Renault and Lotus have signed the principal contracts for the deal to commence.
Renault has been out of Formula 1 since 2009 but it has remained in the sport as an engine supplier, and supplied engines to Red Bull Racing thereby powering their four consecutive world championships in 2010, 2011, 2012 and 2013.
Chairman and Chief Executive of Renault, Carlos Ghosn said Renault had two options: to come back at 100 percent or leave. After a detailed study, I have decided that Renault will be in Formula One, starting in 2016. The final details supplied by F1s main stakeholders gave us the confidence to accept this new challenge. Our ambition is to win - even if it will take some time."

The company says that a key driving force behind its decision to re-enter the Formula One World Championship as a works team is to accelerate the development of its road cars, particularly its future electric and hybrid vehicles.

Currently, the Lotus F1 Team consists of Romain Grosjean and Pastor Maldonado but Grosjean will be leaving for the new Haas team for the 2016 season. So it is still not clear who the drivers for Renault will be.

Source : MotorOctane