Renault-Nissan could get controlling interest in AvtoVAZ in three years

MOSCOW. November 3. KAZINFORM Auto giant Renault-Nissan could increase its stake in Russia's largest car maker, AvtoVAZ, to a controlling interest in two to three years, head of Russian state hi-tech corporation Russian Technologies Sergei Chemezov said on Wednesday. Kazinform refers to RIA Novosti.

"This will happen in two or three years," Chemezov said when asked when the deal could take place.

Chemezov said AvtoVAZ would go ahead with the planned second stage of the auto giant's new share issue in 2012 despite the prospect for Renault-Nissan to raise its stake in AvtoVAZ to a controlling interest. He added that the members of the alliance would have to decide how to distribute their shareholdings in AvtoVAZ.

Prime Minister Vladimir Putin told Renault-Nissan President Carlos Ghosn on Tuesday that Russia welcomed a possible rise of Renault-Nissan's stake in AvtoVAZ to a controlling interest.

Troika Dialog investment company, Renault-Nissan and Russian Technologies each hold 25 percent of AvtoVAZ.

Russian Technologies has welcomed the idea but said it would like to keep its blocking interest and may sell an additional four percent from the first stage of AvtoVAz's new share issue to Nissan. Kazinform cites RIA Novosti. See www.en.rian.ru for full version