NDTV News

NDTV.com provides latest news from India and the world. Get today’s news headlines from Business, Technology, Bollywood, Cricket, videos, photos, live news coverage and exclusive breaking news from India.

https://www.ndtv.com/

Moscow Takes French Carmaker Renault's Russia Assets Amid Companies' Exit.

Moscow Takes French Carmaker Renault's Russia Assets Amid Companies' Exit

Russia-Ukraine War: Renault controlled 68 per cent of AvtoVAZ, the largest carmaker in Russia

Moscow:

French car maker Renault has sold its Russian assets to the Russian government, both parties announced on Monday, as foreign companies leave the country amid Moscow's military campaign in Ukraine.

Renault controlled 68 percent of AvtoVAZ, the largest carmaker in Russia with the country's top brand Lada, but was under pressure to pull out of the country since Russia's military intervention in Ukraine.

Thanks to AvtoVAZ, Russia was Renault Group's second-largest market behind Europe last year, with around half a million vehicles sold.

"Agreements were signed on the transfer of Russian assets of the Renault Group to the Russian Federation and the government of Moscow," the ministry said in a statement.

Under the agreement Renault will retain a six-year option to buy back the stake in AvtoVAZ.

The deal also included Renault's Moscow plant.

No financial details were provided but Russian Industry and Trade Minister Denis Manturov said in April that Renault planned to sell its Russian assets for "one symbolic ruble".

"Today, we have taken a difficult but necessary decision; and we are making a responsible choice towards our 45,000 employees in Russia, while preserving the Group's performance and our ability to return to the country in the future, in a different context," Renault chief executive Luca de Meo said in a statement.

Moscow mayor Sergei Sobyanin for his part said that Renault decided to close its plant in the capital.

"This is its right, but we cannot allow thousands of workers to be left without work," Sobyanin said in a statement, adding he decided to resume production of passenger cars under the Soviet-era Moskvich brand.

"In 2022, we will open a new page in the history of Moskvich," he added.

"We will try to keep most of the team directly working at the plant and with its subcontractors."

Since President Vladimir Putin sent troops into Ukraine on February 24, Renault has had difficulty keeping its operations going due to a lack of components following the imposition of Western sanctions.

Ukrainian authorities have also put pressure on Renault, calling for a boycott of its vehicles until it pulls out of Russia.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Іконки є важливою частиною будь-якої системи дизайну чи історії продукту. Іконки допомагають нам швидко орієнтуватись. Вони незалежні від мови. І н...
Останні новини
Armed man takes hostages at bank demanding his frozen savings.

Armed man takes hostages at bank demanding his frozen savings.

An armed man demanding deposits frozen by his bank took an unspecified number of hostages on Thursday at the Federal Bank of Lebanon, a security source and a Reuters witness said. Lebanese banks have limited withdrawals of hard currency for most d...

Ex-Trump attorney: What Trump fears the most about the FBI search.

Ex-Trump attorney: What Trump fears the most about the FBI search.

Michael Cohen, who was Donald Trump's personal attorney for almost a decade, says that Trump feels trapped because if an informant has tipped off the FBI, that person probably has more incriminating information. #CNN #News

Hunter Biden laptop repairman calls out FBI's double standard.

Hunter Biden laptop repairman calls out FBI's double standard.

Laptop repairman John Paul Mac Isaac joined 'Fox & Friends First' to discuss why he believes there is a double standard within the DOJ following the FBI's Mar-a-Lago raid. #FoxNews Subscribe to Fox News! Watch more Fox News Video: Watch Fox News C...

LGBT Soldiers in Ukraine – Fighting for Their Homeland and Their Rights.

LGBT Soldiers in Ukraine – Fighting for Their Homeland and Their Rights.

A military medic, a soldier and an unmanned aircraft operator, a mortar platoon: they all want Ukraine to legalize same-sex marriages Originally published at -

1 52

Ukraine Refugees Help Ease Britain’s Labor Shortage.

Ukraine Refugees Help Ease Britain’s Labor Shortage.

The war has given Ukrainians fleeing the conflict a chance to obtain work permits in Britain Originally published at -

German Chancellor Scholz not keen on banning all Russians from receiving visas for the EU - DW News.

German Chancellor Scholz not keen on banning all Russians from receiving visas for the EU - DW News.

German Chancellor Olaf Scholz on Thursday said that Russia's attack on Ukraine was the biggest challenge facing Germany and the world at the present time. Scholz said that as the war was "Putin's war," he was not at all keen on banning all Russian...