The shares of Renault Russia have been transferred to the government of the city of Moscow, and NAMI, a state-backed research center, has become the owner of Renault’s stake in Avtovaz, the Russian Ministry of Industry and Trade said on its Telegram channel.
The Moscow government will now own 100% of shares of Renault Russia, while Renault’s 67,69% interest in Avtovaz will be sold to NAMI, the ministry said in a statement.
Avtovaz will continue to assemble the whole product range of Lada cars at its plants, and the automaker will offer Renault car maintenance services on the Russian market.
Read the full story on TASS
