The AvtoVAZ concern will be sold “for a ruble”. Renault revealed its plans

The French automaker Renault intends to sell its stake in AvtoVAZ. This is reported by several Russian media, citing a company statement.

Earlier it became known that Rena where thinking about selling its stake in AvtoVAZ – it is 67.6%; the second part is located at the sub-sanctioned Rostec. The media reported that the FSUE NAMI, which is subordinate to the Ministry of Industry and Trade, will become the buyer of the Renault share. Now the head of the Ministry of Industry and Trade, Denis Manturov, has confirmed the future deal and revealed some of its details. He said that the deal will be completed with the condition of repurchase within the next 5-6 years.

As for the price, Manturov said that we are talking about “conditionally, a deal” for the ruble “”. If during the time that AvtoVAZ is owned by NAMI, the department will invest in it, when buying the company back, this will be taken into account in the cost.

According to Kommersant, after the completion of the deal, Renault will not participate in the affairs of AvtoVAZ in any way – even the new management will be appointed jointly by FSUE NAMI and Rostec. As for the further production of cars, according to preliminary information, not all Lada models will be able to be updated after 2022 – Renault has not yet agreed to transfer all assets and licenses. Manturov mentioned that the Avtoframos plant, owned by Renault, “will produce other cars.”

Earlier we talked about why Tesla shares sank sharply and continue to fall after the news that Elon Musk is buying Twitter.