Hyundai plans to sell Russian factory to company from Kazakhstan

ASTANA. April 27 (Interfax) - Hyundai Motor plans to sell its plant in St. Petersburg to a company from Kazakhstan, according to the South Korean TV channel MBC.

According to the report, negotiations are in their final stage.

The TV channel did not indicate which Kazakhstani company Hyundai Motor made a deal with, but the story showed a logo belonging to Astana Motors.

The condition of the sale from Hyundai was the right to repurchase at any time, media reports.

The press service of Astana Motors told Interfax that the company "has no plans to get involved in a plant in the Russian Federation."

"We are developing auto production in Kazakhstan; we are faced with the task of deepening localization and increasing the number of models produced by the small-knot method (welding and painting). In addition, this year the company is starting construction in the Almaty industrial zone of a plant for the production of auto components for Hyundai - car seats , polyurethane mats, fender liner, mudguards and multimedia systems," Astana Motors said.