Ministry says Nissan to sell Russian assets to state ownership

MOSCOW, Oct 11 (PRIME) -- Car producer Nissan will sell its Russian assets to Central Scientific Research Automobile and Automotive Engines Institute (NAMI) of the Industry and Trade Ministry, with a buyback option within six years, the ministry said in a statement on Tuesday.

“Nissan's executive committee has approved the sale of its Russian assets of Nissan Manufacturing Rus to Russia represented by NAMI subordinate to the Industry and Trade Ministry. The deal involves the transfer of 100% of Nissan assets in Russia,” the ministry said.

The assets are the production and research facilities of Nissan in Saint-Petersburg, as well as the sales and marketing center in Moscow.

Industry and Trade Minister Denis Manturov said that Russian largest carmaker AvtoVAZ will provide after-sales service and spare parts delivery for Nissan cars.

He also said that the Nissan plant will be able to continue to operate as “the key competences, production cycle and (about 2,000) jobs” will be maintained.

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