According to a report,Renault is selling its Lada shareholding in Russia for one rouble.
Renault will sell its 68 percent ownership in Avtovaz, Russia's largest carmaker, to an auto research organization for one symbolic rouble, the latest example of Russian institutions snatching up bargains as Western corporations depart.
Renault will sell its 68 percent ownership in Avtovaz, Russia's largest carmaker, to an auto research organization called “nami” for one symbolic rouble, the latest example of Russian institutions snatching up bargains as Western corporations depart.
Renault and the French government, which holds a 15% interest in the company, both declined to comment on the agreement, which was originally reported by Russian news outlets quoting Russian commerce minister Denis Manturov.
According to the Journal, the French carmaker has a substantial presence in the nation, employing around 40,000 people, and formerly had a 30 percent share of the Russian automobile market.
Renault will have the right to purchase back its Avtovaz portion from NAMI, the institute that designed and built Russia's vehicles and trucks, including President Vladimir Putin's limousines, within five to six years, according to the commerce ministry Manturov.
As Western companies scramble to comply with sanctions over the Ukraine conflict, as well as threats from the Kremlin that foreign-owned assets may be seized, the moves are likely to exacerbate concerns that Russian firms and institutions are snapping up the country's most prized assets for a bargain.
Renault, the most exposed Western automaker to Russia, announced in March that it will close its Moscow facility and was considering a €2.2 billion non-cash writedown to reflect the probable consequences of the closure.
According to the trade ministry, Renault opted to sell its part in Avtovaz, which owns the well-known Lada brand, to NAMI because it couldn't keep its Russian business running.
It was reported that the purchase would be valued a single rouble and that Renault would have the opportunity to buy back the stake.
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