12 December 2012, 13:56

Russia, France, Japan to jointly control AvtoVAZ

Russia, France, Japan to jointly control AvtoVAZ

The Rostekhnologii State Corporation and the Renault-Nissan French-Japanese alliance have signed an agreement on setting up a joint venture to run the AvtoVAZ Russian car-maker. The alliance will get the controlling stake of the car giant, while Rostekhnologii will be the blocking shareholder.

The Rostekhnologii State Corporation and the Renault-Nissan French-Japanese alliance have signed an agreement on setting up a joint venture to run the AvtoVAZ Russian car-maker.

The alliance will get the controlling stake of the car giant, while Rostekhnologii will be the blocking shareholder.

The Renault-Nissan President Carlos Ghosn will head AvtoVAZ, while the Rostekhnologii Chief, Sergei Chemezov, will remain the AvtoVAZ Board Chairman, taking turns with Ghosn as Deputy Chairman of the Board. Under the contract, the French-Japanese alliance will invest 23 billion roubles in the joint venture.

RIA

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