Russian state-owned industrial conglomerate Rostekhnologii has closed a deal to acquire a 37.78% stake in Kamaz according to Kamaz.

Kamaz' other major shareholders are Russian investment bank Troika Dialog, which holds 44.4%, and Daimler, which owns 10%.

Daimler had originally been planning to acquire a 42% stake in the company but this was reduced to 10% over concerns about the price.

Daimler believes the small stake in Kamaz gives it a relatively low risk entry strategy for the Russian market. Kamaz is the largest truck manufacturer in Russia and the 11th largest in the world.

Kamaz produced 51,005 trucks in 2008, almost the same as in 2007. However, production this year has fallen due to the economic slowdown in Russia.