Transfer of Renault's Avtovaz stake to NAMI completed

MOSCOW. May 24 (Interfax) - French automaker Renault, which has suspended operations in Russia, has completed the transfer of its stake in leading Russian carmaker Avtovaz to state automotive institute NAMI.

Renault announced the suspension of automobile production in and shipments to Russia and plans to review its ownership of a stake in Avtovaz after the start of the military operation in Ukraine.

An agreement to transfer Renault's assets in Russia to state ownership was signed in mid-May. The agreement called for the French company's 67.7% stake in Avtovaz to be transferred to NAMI with Renault having an option to buy back the stake in the next six years.

This change was entered into the Unified State Register of Legal Entities on May 23, data from the SPARK-Interfax system showed.

As a result, NAMI now owns 67.7% of Lada Auto Holding LLC and state corporation Rostec retains the other 32.3%. Moscow-based Lada Auto Holding has owned 100% of Avtovaz since the end of 2021. Prior to this, Renault and Rostec controlled the carmaker through Netherlands-based Alliance Rostec Auto B.V.

After Renault suspended operations in Russia, Maxim Sokolov, who served as Russia's transport minister in 2012-2018, was named CEO of Avtovaz, replacing the head of Renault in Russia and the CIS Nicolas Maure.

The May deal with Renault's Russian assets also called for 100% of Moscow plant CJSC Renault Russia (formerly Avtoframos) to be transferred to the Moscow city government. The city authorities have announced plans to set up production of cars under the Soviet-era Moskvich brand at the plant with the participation of truck maker Kamaz .

Business daily Vedomosti, citing sources, reported that Chinese automaker JAC, Kamaz's partner on the light Compass truck, could set up SKD assembly at the plant with subsequent deepening of localization.