Minister of Industry and Trade of the Russian Federation Denis Manturov will take the post of Chairman of the Board of Directors of AvtoVAZ free of charge. The corresponding order was signed by Prime Minister Mikhail Mishustin on May 28th, the press service of the Ministry of Industry and Trade of the Russian Federation reports.
“AvtoVAZ will have to do a lot of hard work in the nearest future. New products will be developed, including in Russian platforms using Russian engineering competencies, as well as with the maximum involvement of Russian component suppliers - this is a fundamental decision. The implementation of such plans will require a 100% return on the part of the management and staff of the company. The Ministry of Industry and Trade of Russia and the leading Russian research institute for the automotive industry NAMI will provide all the necessary support to the enterprise,” said Denis Manturov.
Recall that on May 16th, agreements were signed on the transfer of Russian assets of the Renault Group to state ownership. As a result of the transactions, the shares in the assets will be distributed as follows: 100% of the shares of CJSC Renault Russia will be owned by the Moscow government, 67.69% of the shares of AVTOVAZ will become the property of the Russian Federation represented by FSUE NAMI subordinated to the Ministry of Industry and Trade of Russia. The remaining shares of AVTOVAZ will be kept by Rostech.
