At the announcement attended by Caterham team boss Tony Fernandes and Renault chairman Carlos Ghosn in Paris, it was announced that the collaboration will produce "distinctive" cars from the Renault-owned Alpine factory in Dieppe, Normandy.
"The Caterham Group will own (a) 50pc stake in the Automobiles Alpine Renault company, currently 100pc held by Renault," a media statement said.
"I have not felt as excited about a new venture since I launched AirAsia in 2001," said Malaysian entrepreneur Fernandes.
He added at a press conference: "If you look at formula one, there's only Ferrari and McLaren, which are extremely expensive.
"We'll produce a car that many more people can afford with F1 technology."