Russian Tech says Renault may up Avtovaz stake image

The head of state-owned conglomerate Russian Technologies said on Saturday French car maker Renault might raise its 25 pct stake in troubled Russian partner Avtovaz in future, but won’t do so now.

“They said that they will at least keep their share package,” Sergei Chemezov said. “As far as raising their stake goes, it is hardly possible now, but in the future, there is a perspective that they are prepared to increase their stake.”

He added that Prime Minister Vladimir Putin had offered Renault control of Avtovaz and the company had replied that it would think about it.

“I think (it could happen) around 2013-2014″, Chemezov added.

Russian Techologies and Renault currently each hold 25 percent of Avtovaz, which has debts of 59.9 billion roubles ($2.08 billion).

Source: Reuters