French carmaker Renault SA will transfer a 68% stake in the automotive industry Avtovaz AO to a Russian scientific institute for a token price, Russian Interfax news agency quoted Russian Foreign Minister Embo as saying.
Renault will have the right to repurchase its share capital within the next five or six years, as reported by Interfax, citing the same minister.
The same minister stated that the share of the French company in the Moscow production plant will be transferred to the local board of directors of the Russian capital.
Renault, the Western carmaker most exposed to the Russian market, announced last month that it would suspend operations at the plant after escalating pressure on its continued presence in the Russian market after the Russian invasion of Ukraine.
Source: AMPE
Source: Capital
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