Renault to transfer its stake in Avtovaz to NAMI, in its Moscow plant to Moscow
TASHKENT. April 27 (Interfax) - French automaker Renault will transfer its 68% stake in Avtovaz to NAMI with an option to buy it back within the next 5-6 years and its stake in Moscow's Renault Russia plant to Moscow, Russian Minister of Industry and Trade Denis Manturov told reporters on Tuesday.
"Of those who are in talks with us on their exit, so far it is Renault. Renault, indeed, due to the shortage of funds to maintain the performance or operations of its divisions in Russia, decides to transfer shares in Avtovaz and Avtoframos [the Moscow car plant of Renault Russia]. Those of Avtoframos to Moscow as a subject. As for Avtovaz, most likely it will be NAMI, our specific institute, which will take over these shares with a possible return in case our colleagues decide to return," Manturov said.
According to the minister, it is expected that the transfer of shares in Avtovaz by the French concern "will be, conditionally, a deal 'for a ruble.'" "But with an option for five or six years which is the period during which they [Renault] may decide to buy the shares back. And if we make investments during this period, this will also be factored into the value. There will be no 'gifts' here," Manturov said.
He added that the new management of Avtovaz will be appointed by "NAMI jointly with Rostec."