Nissan is to buy a 4% stake in Russia’s biggest carmaker AvtoVAZ from Russian state shareholder Russian Technologies by the end of the year.
Rustech chief executive Sergei Chemezov confirmed the deal to reporters at an economic forum in St Petersburg. Nissan and alliance partner Renault, which already own 25% of AvtoVAZ, have been given the all-clear by the Russian government to take a controlling stake in the car company with makes Lada vehicles.
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Negotiations are also taking place to sell some of the government’s 25% stake to the alliance.
