The trade ministry said that Renault would retain the right to buy back its AvtoVAZ stake from NAMI within five to six years. NAMI is where Russia’s cars and trucks are developed, including the limousines used by President Vladimir Putin.
AvtoVAZ is, of course, owned by Lada Auto Holding, which in turn means that Renault is basically giving up on Lada, at least for the time being.
Neither the French carmaker nor the French government, which owns a 15% stake in Renault, have yet to comment on this deal, which was originally reported by Russian news agencies, citing Trade Minister Denis Manturov.
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