Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Putin offers Renault Nissan control of AvtoVAZ

MOSCOW, Nov 2 – Prime Minister Putin offered auto alliance Renault-Nissan the chance to buy a controlling stake in Russian carmaker AvtoVAZ, CEO Carlos Ghosn said on Tuesday, the RIA-Novosti news agency reported.

"The prime minister said he is not against increasing Renault-Nissan\’s stake in AvtoVAZ, and it could be increased up to 50 percent," Ghosn was quoted as saying after a meeting with Putin in comments translated into Russian.

The auto alliance currently controls 25 percent plus one share in the Russian carmaker. Stakes of the same size are held by Russian investment group Troika Dialog and the state corporation Russian Technologies.

Ghosn did not elaborate on the offer. However Troika Dialog managing director Sergei Skvortsov told journalists that Renault-Nissan could increase its stake up to 50 percent plus one share.

"Today one can say in complete certainty that the crisis in auto production in Russia is in the past," Ghosn said, adding that the stake increase is logical for Renault-Nissan.

Ghosn said last week in an interview with Russia Today television channel that Renault-Nissan was in talks with Troika Dialog regarding an eventual purchase of the investment bank\’s stake in Avtovaz.

Renault first acquired 25 percent plus one share in AvtoVAZ in February 2008, shortly before the maker of the famous Lada model was hit by the economic crisis and accrued a colossal debt.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...