Renault May Hand Over Lada Maker to Russian State for a Ruble
Renault has a 68% stake in Lada-maker AvtoVaz.
Source: Bloomberg
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Renault may transfer its majority stake in Russian carmaker AvtoVaz to a state-run automobile research institute in what is essentially a nationalization of the unit by government.
NAMI, which reports to Russia’s industry ministry, would buy the stake for a ruble ($0.01) but would give Renault a five or six-year option to buy it back, the industry ministry said in an email, confirming a report by Interfax.