25 Aug 2009 21:59

Russian Technologies plans to set up 4 automobile making sub-holdings

MOSCOW. Aug 25 (Interfax) - Russian state corporation Russian Technologies plans to set up four sub-holdings based on its automobile and component assets, Russian Technologies Deputy General Director Igor Zavyalov said in an interview broadcast on Vesti-24 television channel on Tuesday.

The first holding, dealing with car manufacturing, is to be set up on the basis of Avtovaz , the second, specializing on trucks, on the basis of Kamaz , the third, which will produce automobile components, on the basis of Russian Technologies' core assets, and the fourth will specialize on the production of engines based on Avtodiesel and the Tutayev Engine Plant.

Russian Technologies head Sergei Chemezov will be the board director of the unified holding.

Russian Technologies does not formally have to seek consent for the merger of Avtovaz's and Kamaz's assets from the other shareholders, including Renault and Daimler, but will discuss it with them anyway, Zavyalov said.

Russian Technologies have not yet had negotiations with Oleg Deripaska on Avtodiesel's joining the new holding. Deripaska owns Avtodiesel, and Russian Technologies has a stake in it.

Russian Technologies also holds a controlling stake in Avtovaz, 37.8% in Kamaz, 30% in Avtodiesel, and 31.8% in the Tutayev Engine Plant in the Yaroslavl region. Russian Technologies earlier set up the public joint stock company Avtoinvest Holding with an authorized capital of 847,000 rubles to consolidate automobile manufacturing assets.