Renault sells majority stake in Avotovaz

RUSSIA: Renault will sell its majority stake in carmaker Avtovaz to a Russian science institute, the French carmaker said on Monday, adding the deal included a six-year option to buy back the stake.

The Western carmaker most exposed to the Russian market, Renault added that its holding of nearly 67.69% in Avtovaz would be sold to the Russian Central Research and Development Automobile and Engine Institute, called Nami.

“Today, we have taken a difficult but necessary decision, and we are making a responsible choice towards our 45,000 employees in Russia,” CEO Luca de Meo said.