Russia’s industry minister Denis Manturov has stated that French automaker Renault will sell its 68 percent stake in Russian automobile manufacturer Avtovaz to Russian automotive research institute NAMI for one symbolic ruble. Renault was assessing the available options for its stake in Avtovaz, as SteelOrbis previously reported.
The decision was taken as Renault was unable to continue its operations in Russia.
The company will be able to buy back the shares it transferred to NAMI within five or six years.
In addition, Renault suspended its activities at its manufacturing plant in Moscow as of March 23, as SteelOrbis previously reported.