Rostec may sell 8% of its shares in Avtovaz to Renault

Rostec may sell 8% of its shares in Avtovaz to Renault


 

RusAutoNewsCom.- According to Sergey Chemezov, the head of the state corporation Rostec, the company intends to sell 8% of its shares in “Alliance Rostec Auto BV” to the joint venture partner Renault, and reduce its shares from 33% to 25%.

The funds received from the sales, more than 10 billion roubles (approximately $155 million), will be invested in the development of Avtovaz, said Chemezov. He added that Renault will invest about three times more than Rostec.

As reported previously, Alliance Rostec Auto BV, which is a joint venture of Renault and Rostec registered in the Netherlands, has become the sole shareholder of Avtovaz as of 31 December 2018.