(Reuters) – Renault SA will transfer its 68% stake in carmaker Avtovaz AO to a Russian science institute for a nominal sum, Interfax cited Russian Trade Minister Denis Manturov as saying on Tuesday.
Renault will have the right to buy the stake back within the next five to six years, Interfax added, citing Manturov. He also said that Renault’s stake in its Moscow plant would be passed to the city‘s local government.
Renault, the Western carmaker most exposed to the Russian market, said last month it would suspend operations at the plant amid mounting pressure over its continued presence there since the country invaded Ukraine.
(This story corrects to make clear stake is being transferred to a science institute, not the Moscow government)
(Reporting by David Ljunggren; Editing by Chris Reese)
