Russia chief says Renault won`t up Avtovaz stake nowPublished on Sun, Nov 22, 2009 at 14:02 | Source : Reuters Updated at Sun, Nov 22, 2009 at 15:31 Like this story, share it with millions of investors on M3
"They said that they will at least keep their share package," Sergei Chemezov said. "As far as raising their stake goes, it is hardly possible now, but in the future, there is a perspective that they are prepared to increase their stake." He said Prime Minister Vladimir Putin had offered Renault control of Avtovaz, which makes Lada cars and whose sales have collapsed this year amid the economic crisis. The French company had replied that it would "think about it", he added. "I think (it could happen) around 2013-2014", Chemezov added. Russian Techologies and Renault currently each hold 25 percent of Avtovaz, which has debts of 59.9 billion roubles ($2.08 billion) and employs 96,000 workers in its headquarters city of Togliatti. Chemezov added the Russian government had agreed to increase Avtovaz's share capital but did not provide further details.
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The head of Russia's state-owned conglomerate Russian Technologies said on Saturday French car maker Renault might raise its 25 pct stake in troubled Russian partner Avtovaz in future, but won't do so for now.
