Report: Renault considers transferring stake in AvtoVAZ

MOSCOW, Mar 30 (PRIME) -- French automaker Renault, the owner of around 68% of a joint venture with Russian state industrial company Rostec, which controls car producer AvtoVAZ, is considering transferring its stake, Bloomberg reported citing people familiar with the matter late on Tuesday.

“Renault SA is considering an ownership transfer of its majority-held Russian venture AvtoVAZ to a local investor as a way to exit the country,” the agency reported.

“A transfer, currently the preferred option, would help free the automaker from legal responsibilities to the Lada-making Russian business and its 45,000-strong staff... The move is among options on the table after the carmaker last week said it was suspending industrial activities,” the agency reported.

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