Renault Sells AvtoVAZ To Russian Science Institute For Just Over 1 U.S. Cent | Carscoops carscoops
Renault will transfer its stake in AvtoVAZ, the maker of Lada, to Russian automotive research facility, NAMI, the French automaker said on Wednesday., NAMI will acquire Renault’s 68 percent stake for a symbolic 1 Rouble, which as of today, is worth just under 1.4 American cents. The Russian institution was founded over a century ago and is the country’s leading scientific organization in the field of automotive industry development.
In the past, NAMI has been responsible for designing and building multiple models of automobiles, but perhaps most notably President Vladimir Putin’sThe transfer is one of the latest examples of Russian institutions snapping up Western companies for pennies, amid a mass exodus from the market.will still have an opportunity to reacquire AvtoVAZ within five or six years if it wishes, but at a significantly higher cost than 1 Rouble according to the Trade Minister.
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