[Reuters]–French car giant Renault announced that it will transfer a 67.69% stake in Russian car giant Aftowaz to Russia’s state-owned Central Automobile Engine Science Institute (NAMI). He also acquired the right to buy back shares within six years.
All the necessary approvals have been obtained.
100% of Renault-Russian shares will be transferred to the city of Moscow.
“Today we have made difficult but necessary decisions. We will make responsible choices for 45,000 Russian employees,” said Luca de Meo, CEO of Renault. He said the measures would allow the group to maintain its performance and return to Russia if circumstances change.
Renault announced in March that it would shut down its Russian plant following a Ukrainian military invasion. He confirmed that he would record a write-down of € 2.2 billion ($ 2.29 billion) as a potential cost of shutting down the Russian business.
Since the invasion, more than 400 companies have withdrawn from Russia.
