ASTANA, September 25. /TASS/. A Russian company will buy Hyundai’s plant in St. Petersburg, with the transaction containing a buyback option, Russian Deputy Prime Minister, Industry and Trade Minister Denis Manturov told reporters on the sidelines of the Innoprom.Kazakhstan international industrial exhibition.

"We have already formed all decisions on Hyundai’s acquisition. At least what the company has announced itself. This is why a decision will be taken shortly. A local company will be the purchaser," he said.

"As far as Hyundai is concerned, it plans a [buyback] option, though considering the President’s decree, it is limited to two years," Deputy PM noted.

Hyundai’s plant in St. Petersburg suspended production of cars in March 2022 due to difficulties with component supplies. Prior to suspension of production the facility made Hyundai Solaris, Hyundai Creta, Kia Rio and Kia Rio X-Line models. The capacity of the car plant launched in 2010 was over 200,000 units per year.