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Renault Could Transfer Its Controlling Stake In AvtoVAZ To Russian Investor
Renault is said to be considering an ownership transfer of its controlling stake in Russia automaker AvtoVAZ as it looks to follow the lead of other companies and leave the country.
Individuals with knowledge of the matter claim that Renault ideally wants to transfer its stake to a local investor, allowing it to cut ties with AvtoVAZ and the Lada brand. Sources state that other options are being considered.
Renault has a 68 per cent controlling stake in AvtoVAZ and Auto News reports that it is unable to sell this stake to Rostec State Corporation, the other key shareholder in the venture, as the latter is currently under sanctions.
