Renault to inject 350 mln euros in Russia’s AvtoVAZ

MOSCOW, Dec 1 (PRIME) -- France’s Renault will inject 350 million euros in Russia’s largest carmaker AvtoVAZ, and plans to increase the figure to 1 billion euros in the future, France’s ambassador to Russia Jean-Maurice Ripert told reporters on Thursday.

“Renault has decided to invest 305 million euros, while the ultimate figure is 1 billion euros,” he said.

On October 12, AvtoVAZ shareholders approved an issue of 3.281 billion common shares for controlling shareholder Renault, which is expected to attract 25 billion rubles, or about 350–370 million euros, for the company.

The additional share issue will become the first step in the company’s recapitalization program totaling about 85 billion rubles, the company’s shareholders said earlier.

A joint venture of state industrial corporation Rostec and the Renault-Nissan alliance holds 74.5% in AvtoVAZ.

(65.2382 rubles – U.S. $1)

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