Rostec allowed Renault to return to AvtoVAZ's capital
The possibility of Renault's return to AVTOVAZ's capital exists, but there are no negotiations on this issue yet. This was stated by the head of Rostec State Corporation Sergey Chemezov on the sidelines of the annual congress of the Russian Union of Industrialists and Entrepreneurs.
"No, why not? This is not a completed stage. Of course, it is necessary to return. If they agree to it. <...> No, there are no negotiations yet," Prime quoted Chemezov as saying on March 18.
In the spring of 2022, Renault transferred 67.69% of AvtoVAZ shares to state ownership and 100% of the Renault Russia plant to the Moscow government. The deal provided for an option for Renault to buy back its stake in AvtoVAZ for six years.
In February, Renault CEO Luca Demeo said the company would not rule out a return to Russia. He said that buying out a controlling stake in AvtoVAZ is not a priority, but the brand's management is open to discussing business opportunities.
The press service of the Russian company then told Izvestia that it was not currently negotiating with Renault. Renault's prospects for returning to the Russian market are hardly good, Moscow Mayor Sergei Sobyanin later shared.
On February 27, the head of AvtoVAZ, Maxim Sokolov, said that the domestic company could develop effectively on its own and ensure the technological sovereignty of the industry, so it was not waiting for Renault, which had previously been a shareholder, to return.
On February 25, Maxim Sokolov indicated that if Renault decides to buy back its stake in AvtoVAZ, the amount of investments made by both the state and the company itself over the past time should be assessed. According to him, we are talking about amounts that exceed the average annual investment from Renault. In recent years, the French concern has invested 20-22 billion rubles in development, but after his departure, these amounts have increased significantly.
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