Renault ‘willing’ to assist in Avtovaz rescue

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A top Russian official has said that Renault had expressed willingness to invest in Avtovaz although the French company said it had no plans to inject cash into its ailing Russian affiliate.

The remarks by Igor Shuvalov, Russia’s first deputy prime minister, come a few days after prime minister Vladimer Putin said Renault needed to invest in the turnround of Avtovaz, or see its 25% stake diluted.

Mr Shuvalov said: “They [Renault] confirmed that they have a strategic interest in Avtovaz’s development, and they are prepared to invest in the company’s growth.”

He said the level of Renault’s investment had yet to be determined and would only be clear after ‘the necessary evaluation’.

Renault said it was reviewing several options to help Avtovaz.

Source: Financial Times