Sergei Chemezov, who currently runs Russian Technologies (Rostechnologii), one of the AvtoVAZ stakeholders with 25 percent, said the Russian carmaker will sell a 10 percent share to the Japanese carmaker in early 2011. Details are not yet clarified, but it seems that the agreement will receive the green light in spring.
"Russian Technologies will sell four percent of its shares, and Troika Dialog will sell another six percent," Chemezov was quoted as saying by RIA Novosti. "The deal will take place in spring."
This isn't the first time when Chemezov talks about a share increase of the Renault-Nissan alliance. Back in 2009, when AvtoVAZ was on the edge of bankruptcy, Chemezov emphasized that the French-Japanese group could inject more money into the company they hold a 25 percent stake in.
On the other hand, Renault clearly stated that AvtoVAZ will be assisted in the fight against bankruptcy but won't buy more shares. Instead, it will provide the necessary resources for several models to be produced by the Russian brand.
"They would love us to pour in lots of money because AvtoVAZ needs money but we don't have a lot of money. We told them we cannot put more money in the joint venture," Renault Chief Operating Officer Patrick Pelata was quoted as saying by Reuters. "We're going to pay our share... It's not small money but it's not half a billion," he added.