Renault will bring 240 million euros Avtovaz technology

Renault will provide the Russian company Avtovaz technological aid 240 million euros for modernization of equipment, but no plans yet to increase the participation of 25% share, writes Les Echos.

An agreement to rescue the manufacturer Lada cars will be signed Friday between the three shareholders of Avtovaz - Renault, Troika Dialog and holding public Rostechnology - said Russian Deputy spokesman in charge of this case, Igor Chuvalov.

The French group will modernize the production lines for manufacturing in 2013 Avtovaz five different versions of cars on Logan platform, under the three brands, Lada, Renault and Nissan. Renault claims that Avtovaz could recover financial balance with production of 500,000 cars per year (including 280,000 on the Logan platform) to almost 400,000 this year.

Instead, the French group would not engage in financial schemes Avtovaz massive debt restructuring, which amounted to EUR 1.4 billion in early October. Spokesman Igor Chuvalov argues, however, that the Russian car manufacturer's financing is not a problem.

Source: http://www.renault.com/

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