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Russia's Putin warns Renault over AvtoVAZ
Published in Saudi Press Agency on 02 - 10 - 2009


Prime Minister Vladimir Putin warned Renault
today that if it does not do more to help Russia's
troubled carmaker AvtoVAZ it could see its 25 percent stake
in the company reduced, according to AP.
Putin said the Russian government has protected Renault's
interests by providing hundreds of millions of dollars in
loans this year.
«Now either they continue participating in financing the
company or we will need to agree with them on which stakes
each party has,» Putin told government ministers, the
Interfax news agency reported.
AvtoVAZ, Russia's largest carmaker, which has been losing
money for years, has seen demand for its Lada sedans fall
sharply in 2009 due to the economic downturn. The company
announced last week that it will lay off more than a
quarter of its work force.
A spokeswoman for Renault, Axelle de Ladonchamps, said the
French company would have no immediate comment, but she
noted that it had invested $1 billion in AvtoVAZ.
Renault paid $1 billion for its 25 percent stake in early
2008. Russian Technologies, a sprawling state-controlled
conglomerate, retains another 25 percent. Investment bank
Troika Dialog also has 25 percent, and the remaining
quarter is floated on the market.
First Deputy Prime Minister Igor Shuvalov said the
government would be meeting representatives of Renault and
Nissan Motor Co. on Monday «to discuss with them the plans
that we have regarding AvtoVAZ,» Interfax reported.
Renault and Japan's Nissan have a joint venture with cross
shareholdings. AvtoVAZ has expressed interest in assembling
Nissan sedans.


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