The joint venture between Rostec and Renault, Alliance Rostec Auto BV, which owns AvtoVAZ, was transferred from the Dutch to the Russian jurisdiction. 100% of AvtoVAZ shares were transferred to a new joint company, Lada Auto Holding, which is registered in Russia.
This information was confirmed by Rostec. In accordance with the agreements, the transfer of the joint venture to Russian jurisdiction has been fully completed. A 100% stake in the Russian auto giant was transferred from Alliance Rostec Auto BV, a company registered in the Netherlands, to the newly formed Lada Auto Holding with its registered office in Moscow.
In the new Russian joint venture Lada Auto Holding, the ownership shares remained the same: Renault owns 67.6% of the shares, the remaining 32.4% are held by Rostec.
The issue of transferring the joint venture to Russian jurisdiction has been discussed since 2018. The task of deoffshorization of the economy was set by Russian President Vladimir Putin. It was also reported that Rostec will write off AvtoVAZ’s debts if the plant returns to Russian jurisdiction.
As we already reported, President of AvtoVAZ Nicolas Maure congratulated everyone on the upcoming New Year, talking about the company’s achievements in the outgoing year, as well as sharing plans for the future.