Activists in Berlin stage picket condemning Obama’s foreign policyWorld January 19, 21:17
Russian regulator promises to respond to any US restrictions of RT channelRussian Politics & Diplomacy January 19, 21:09
FIFA: Over 82,400 ticket requests applied globally for 2017 Confederations Cup in RussiaSport January 19, 20:17
Russia stands for developing legal tool to fight cyber hooliganismRussian Politics & Diplomacy January 19, 20:00
Russia is developing advanced hypersonic weapons — ministryMilitary & Defense January 19, 19:50
Former USSR leader receives Lithuanian court’s summons as witness in case over 1991 eventsWorld January 19, 19:29
FIDE chief says he plans to seek US entry after President-elect Trump’s inaugurationSport January 19, 18:56
Russian economy minister: Results of 2016 demonstrated adjustment to cheap oil, sanctionsBusiness & Economy January 19, 18:44
Russia ready to welcome Trump at economic forum in St. Petersburg — first deputy PMBusiness & Economy January 19, 18:29
MOSCOW, January 21 (Itar-Tass) - Creation of a joint venture of one of Sberbank’s companies and the Moscow government holding 64 percent of the Russian truck manufacturer ZIL would be completed by April, the Moscow administration’s employee and a source close to ZIL told the Vedomosti daily. The parties signed a letter of intent in 2012 and a legally binding agreement in late 2013.
Sberbank’s unit and ZIL will hold 51 and 49 percent of the JV respectively to be established on the basis of ZIL’s 100 percent subsidiary MosavtoZIL. According to the sources, Sberbank will contribute to the JV the assets of the Derways, Russian manufacturer of Chinese cars, the Moscow government — buildings and facilities on an area of 50 hectares with the right to long-term rent, as well as AMO Plant, an assembling plant in Latvia producing licensed buses and tractors. Monetary contributions are also planned. The parties declined to reveal more details.
The JV’s main aim is to organize production of Fiat and Renault light commercial vehicles (LCV), which, according to the sources, may start in April - May with semi-knockdown assembly to be then followed by full-cycle manufacturing with welding and painting. The planned capacity is 50,000 LCV a year.
Negotiations are under way about the production of two models, Fiat Ducato and Renault Master. Preliminary agreements with both companies were signed on August 1, 2013. Legally binding agreements can be concluded in the near future.
The amount of the deal is not revealed; 12 billion roubles ($363.5 million) was reported in 2012. Production will be mainly financed by Sberbank’s loan, one of the Vedomosti’s sources said without revealing the sum.