MOSCOW, May 16. /TASS/. The shares of Renault Russia have been transferred to the government of the city of Moscow, and NAMI, a state-backed research center, has become the owner of Renault’s stake in Avtovaz, the Russian Ministry of Industry and Trade said on its Telegram channel.
The Moscow government will now own 100% of shares of Renault Russia, while Renault's 67,69% interest in Avtovaz will be sold to NAMI, the ministry said in a statement.
Avtovaz will continue to assemble the whole product range of Lada cars at its plants, and the automaker will offer Renault car maintenance services on the Russian market.
The deal included a six-year option to buy back Renault’s stake in Avtovaz, the ministry’s press service said.
"By transferring Group Renault’s stake to state ownership [Russia] would be able to maintain its control of Avtovaz and ensure the company’s operability amid sanctions," the press service quoted Russian Minister of Industry and Trade Denis Manturov as saying. The move would also allow the company to maintain its key competencies, production cycle and save jobs, he added.