French carmaker Renault has sold its majority stake in Avtovaz to a Russian institute. As reported , the amount of the deal was only one ruble with a six-year redemption right. At the same time, the French reserved the opportunity to return at any time.
On Monday, the most pro-Russian manufacturer sold its stake in Avtovaz, which accounted for 67.69% of the shares, to Russia’s Central Scientific Research Automobile and Automotive Engines Institute, abbreviated as NAMI. Thus, all Renault Russia shares became the property of Moscow.
The stake was sold for a giveaway price – just a ruble. Last year, the manufacturer estimated its Russian assets at $2.29 billion.
The mayor of Moscow said that the Renault plant in the city will be reoriented to the production of Moskvich cars to save 45,000 jobs. For his part, Renault CEO believes that this step has preserved the group’s ability to work and its ability to return to Russia in a different context. He clearly expressed his desire to resume work with Moscow when the war in Ukraine ends.