10 Nov 2009 13:43

Govt ready to offer Renault increased stake in AvtoVaz but French company still not interested

MOSCOW. Nov 10 (Interfax) - The Russian government is ready to offer Renault an increased stake in OJSC Avtovaz but so far the French company has not shown interest, First Deputy Prime Minister Igor Shuvalov told journalists.

"If there is an offer from Renault, we are ready to look at it. But so far there has been none," he said.

Shuvalov said that the government would be interested in increasing Renault's stake in AvtoVaz but "active work to clear off AvtoVaz's debt and support its personnel, including social support, should be studied with the consideration of the possibility of Renault-Nissan as an investor." "Then it will have real significance as one does not exist without the other," Shuvalov stressed.

Commenting on Renault and AvtoVaz's cooperation, Shuvalov said that the Russian company, like GAZ, needed a similar partnership. He added that Renault's involvement in AvtoVaz would continue, "either at the same level or Renault will want to strengthen its influence at the company."