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Renault-Nissan to Pay $1bn for 25% in AvtoVAZ
A blocking stake in AvtoVAZ costs $1 billion to Renault-Nissan, RIA Novosti reported with reference to Sergei Chemezov, head of government’s corporation Rostekhnologii and chairman of AvtoVAZ BOD.
“We have just inked the contract for selling 25 percent, the deal amounts to $1 billion that will be transferred to our account already today,” Chemezov told the reporters after sealing the deal.
In AvtoVAZ, all corporate procedures for winding up the cross-over ownership of its assets will be completed in the first half of this year. As a result, Rosoboronexport and Troika Capital Partners will accumulate 75 percent plus a common stock, and Renault-Nissan will get 25 percent of that stake.
Renault has been working in Russia for a few years. It launched the Logan assembly at Moscow Avtoframos in 2005, having invested $250 million in the project. Under May 2007 agreement with Moscow government, the consortium will inject another $150 million in the facilities to double their capacity.
But exactly AvtoVAZ is the biggest carmaker in Russia. It sold 663,500 cars past year, which is the record number for all years of its work on domestic market.
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