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France’s Renault plans to raise its stake in Russia’s AVTOVAZ to majority in April

March 13, 2012, 20:13 UTC+3
France’s Renault company plans to raise its stake in the capital of Russia’s biggest carmaker AVTOVAZ to controlling in April 2012
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PARIS, March 13 (Itar-Tass) —— France’s Renault company plans to raise its stake in the capital of Russia’s biggest carmaker AVTOVAZ to controlling in April 2012, France’s financial daily La Tribune wrote on Tuesday.

The signing of the related agreement on the hike of Renault share in AVTOVAZ was postponed due to the elections in Russia, but it is a question of several weeks, Chairman of the Renault Russia company Bruno Ancelin said.

In his opinion, the document will be inked at the beginning of April.

Now, the Russian State Corporation of Technologies (Rostechnologii), Renault and Troika Dialog are the biggest shareholders of AVTOVAZ. Each of them holds a 25-percent stake.

AVTOVAZ is a full-fledged member of the Renault-Nissan alliance. Its facilities are expected to produce up to 1.2 million cars under the Renault, Nissan and LADA brands in 2020.

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