An extraordinary general meeting of shareholders in Russian engine producer Avtodiesel, a unit of automaker GAZ Group, has approved taking out a RUB5.8bn (US$193m) loan from Russia’s state-owned Vnesheconombank (VEB), a GAZ spokesman said on Tuesday.

The funds are expected to be used to create a new YaMZ engine model, a Prime-Tass report said.

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In late December, Russia’s state-owned industrial conglomerate Rostekhnologii, which holds 30.99% in Avtodiesel, blocked the company from taking out the loan. Rostekhnologii objected to a clause in the loan agreement that would have allowed the transfer of its stake to VEB as collateral for the loan which VEB approved in October 2009.

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