8 Oct 2009 20:53

Renault will provide Avtovaz with technology after valuation

TOGLIATTI. Oct 8 (Interfax) - French Renault might provide technologies to Avtovaz once it has determined their value, First Deputy Prime Minister Igor Shuvalov said during a visit to the Russian carmaker.

"The talks between the shareholders - Rostekhnologii and Renault - are ongoing. They held meetings today. The French partners confirm their interest in participating in the enterprises, their intention of seriously investing in development," Shuvalov told journalists.

"The partners confirm that they are willing to seriously invest in the development of Avtovaz and introduce state-of-the-art technologies into development, technologies that will be valued and valued transparently. After that they may be included in the capital of the company or provided on other terms," Shuvalov said.

Afterwards production of new models based on Renault technology might be organized at Avtovaz, he said.

Renault Senior Vice President Christian Esteve said, at a meeting with Russian Prime Minister Vladimir Putin on Monday, the Russians could count on the French company in modernizing Avtovaz. Renault would feel socially responsible for such a project, Esteve said.

Esteve also said there are plans to develop new car models at Avtovaz and that a whole network of powerful and high-standard suppliers is needed for this.

In a comment on this statement, Sberbank Chief German Gref said: "Companies such as Renault don't waste words."

"It isn't a point to discuss whether Renault will want to invest or not because they have spent $1 billion already," Gref added.