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Renault’s assets in Russia become property of the State

Renault’s assets in Russia become property of the State

Moscow, May 16 (Prensa Latina) The Russian Ministry of Industry and Trade reported that 100% of the shares of the Renault automobile plant in the country were transferred to the Government of this capital.
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According to another agreement revealed by that Ministry on its Telegram channel, that French manufacturer’s 67% stake in the Russian company AvtoVAZ became the property of the Central Scientific Research Institute of Automobile and Motor (NAMI).

He indicated that both decisions were approved by the Federal Antimonopoly Service of the Eurasian nation.

He further explained that Avtovaz will continue to produce the entire line of Lada vehicles at its plants and will provide maintenance services for Renaults in the Russian market.

According to the Russian Minister of Industry and Trade, Denis Manturov, the transfer of the Renault group’s stake to the Russian state will preserve the management of AvtoVAZ.

It will also ensure that the company will continue to operate under the foreign sanctions applied against the country, especially after the start of the military operation in Ukraine, he explained.

“In this way, we will preserve core competencies, the production cycle and jobs,” Manturov assured, who highlighted the prospects of NAMI’s participation in AvtoVAZ management.

He stressed that this Institute has significant experience in the automotive industry and has a modern research, development and production base.

“The competitive ability of NAMI’s design and engineering team was confirmed by the creation of Aurus brand vehicles on a unique modular platform,” he stressed.

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