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Renault will sell its majority stake in carmaker Avtovaz to a Russian science institute, the French carmaker said on Monday, adding that the deal included a six-year option to buy back the stake.
Russia will take control of French car manufacturer Renault's operations in the country and resurrect a Soviet-era auto brand, officials said Monday,
Selling gets Renault out of a difficult position that Western companies are facing as they determine whether to pull out of Russia.
Russia will take control of French car manufacturer Renault's operations in the country and resurrect a Soviet-era auto brand, officials said Monday, marking the first major nationalization of a foreign business since the war in Ukraine began. Renault said it would sell its majority stake in Avtovaz, a Russian car…
Renault said it would sell its majority stake in Avtovaz, a Russian car company best known for its Lada brand, to a state-run research institute.