Russian assets of Renault group have been transferred to state ownership, the Ministry of Industry and Trade said in its Telegram channel.

Thus, 100% of Renault Russia shares were transferred to the Moscow government, while 68% of Avtovaz shares were transferred to the Central Automobile and Automotive Research Institute "NAMI" and the rest will be kept by Rostec.

As specified by the mayor of the capital Sergey Sobyanin, the production of passenger cars under the historical brand "Moskvich" will be resumed on the basis of the plant. The main technological partner of the Moscow Automobile Plant Moskvich will be KAMAZ.

An important condition is the option for Renault to repurchase its share in Avtovaz which can be exercised within the next 6 years. Both deals have been approved by the Federal Antimonopoly Service of Russia.

"The transfer of Renault Group's stake to the state will ensure that Avtovaz remains manageable and that the company can continue to operate under sanctions restrictions. This way we will preserve key competences, production cycle and workplaces", - noted the head of the Ministry of Industry and Trade Denis Manturov.

The minister also positively estimated prospects of participation in management of AVTOVAZ "NAMI":

Within the framework of the existing licenses the production of the whole line of LADA cars and the service of Renault cars on the Russian market will continue.

Regarding the Moscow site Avtoframos, the joint decision of the federal and regional authorities about the line of cars that will be produced on it, in the near future the Moscow authorities will announce.

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Author: Ulyana LutskiewiczMade
in Russia // Made in Russia

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