SEOUL, December 19. /TASS/. South Korea’s Hyundai Motor has approved the proposal to sell its plant in Saint Petersburg for 140,000 won (around 10,000 rubles, or $110), the Chosun Ilbo newspaper wrote.

The transaction will contain a buyback option, the paper added. Hyundai Motor plant is worth 287.3 bln won (about $219 mln), according to Chosun Ilbo.

Russia’s Art-Finance will be the purchaser. Negotiations with the company are at the final stage. Earlier, Art-Finance acquired Volkswagen’s assets in Russia.

Hyundai Motor plant was launched in 2010. It had manufactured Hyundai Solaris, Hyundai Creta, Kia Rio with an annual capacity of over 200,000 units. The plant suspended operations in March 2022 after the beginning of the special military operation in Ukraine.

Russian Deputy Prime Minister, Industry and Trade Minister Denis Manturov said on the sidelines of the Innoprom.Kazakhstan international industrial exhibition on September 25 that a Russian company would buy Hyundai’s plant in St. Petersburg.