An extraordinary general meeting of AvtoVAZ shareholders has approved taking out a 25bn ruble one year interest free loan from state owned industrial conglomerate Rostekhnologii, the carmaker said on Monday.

Russian prime minister Vladimir Putin earlier this month instructed the government to disburse 25bn rubles to Rostekhnologii in order to provide financial aid to AvtoVAZ, the Prime-Tass news agency said.

Rostekhnologii, Renault and Russian investment bank Troika Dialog each hold 25% plus one share in AvtoVAZ.