RENAULT sells its stake in Avtovaz and the Moscow plant to the Russian Government

RENAULT sells its stake in Avtovaz and the Moscow plant to the Russian Government


 

RusAutoNews.- As announced by the Russian Ministry of Industry and Trade, Avtovaz transferred its share of Renault to state ownership. Renault assets were received by the NAMI, the Moscow government and Rostec. Renault can buy back the share within six years.

Renault has valued its assets in Russia at more than 2 billion euros. At the same time, the amount of the transaction, in which the assets will become the property of Russia, amounts to one ruble, Denis Manturov, head of the Ministry of Industry and Trade, said earlier.

The company Renault Russia and its plant in Moscow became the property of the Moscow government.

As stated by Deputy Mayor of Moscow: Maksim Liksutov, there is no reverse option and Renault will not be able to buy back the car plant in Moscow.

Liksutov confirmed that before the end of 2022, the authorities of the capital intend to start producing cars at the plant. Presumably, the platform of the new car will be created jointly with Kamaz and NAMI.

On the other hand, the production of Moskvich cars at the former Renault plant will begin in 2022, according to Denis Pak from the Ministry of Industry and Trade of Russia.