Renault continues talks on stake in Avtovaz

MOSCOW. April 22 (Interfax) - Renault is continuing negotiations regarding its stake in leading Russian carmaker Avtovaz , the French automaker's chief financial officer, Thierry Pieton said at a conference with investors on Friday.

Recalling that on March 23 Renault announced that it had decided to suspend its business in Russia and assess available options regarding its stake in Avtovaz, Pieton said negotiations are continuing and there has been progress.

He declined to provide details on the negotiations with the "Russian authorities."

After the start of Russia's military operation in Ukraine, Renault announced the suspension of production at its Moscow plant and plans to reconsider its equity interest in Avtovaz. Renault has 45,000 employees in Russia.

Until the end of 2021, Avtovaz was wholly owned by Netherlands-based Alliance Rostec Auto B.V., which in turn was 68% owned by Renault Group and 32% by Russian state corporation Rostec. The transfer of 100% of Avtovaz shares to Russian jurisdiction, to the local company Lada Auto Holding, was completed at the end of 2021; the shareholder structure remained unchanged.