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    Russkiye Mashiny denies plans to buy Land Rover, Jaguar

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    Russkiye Mashiny (Russian Machines), the automotive unit of the holding company Basic Element, controlled by billionaire Oleg Deripaska, has denied reports it intends to buy the Land Rover and Jaguar brands.

    MOSCOW, July 30 (RIA Novosti) -- Russkiye Mashiny (Russian Machines), the automotive unit of the holding company Basic Element, controlled by billionaire Oleg Deripaska, has denied reports it intends to buy the Land Rover and Jaguar brands.

    Foreign media reported earlier that Russkiye Mashiny was interested in buying Rover and Jaguar, as well as Volvo.

    Russian Machines manages engineering assets of industrial holding Basic Element (BasEl), including automaker GAZ.

    RM Systems, a wholly owned subsidiary of Russian Machines, signed an agreement in May with the Canadian automotive supplier Magna to establish a joint venture in the Volga city of Nizhny Novgorod in the third quarter of 2007 to manufacture auto components.

    Magna and GAZ also signed an agreement to establish a joint venture supplying components for the Russian automaker's new class D car.

    Russian Machines earlier announced the purchase of 20 million Class A subordinate voting shares of Canada's Magna for $1.54 billion, saying the deal would accelerate the companies' efforts to capitalize on growth opportunities within the Russian and other automotive markets.

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