Renault has denied rumours that desire to take advantage of AVTOVAZ

Yesterday the President of Renault Carlos Ghosn in an interview with the Paris daily Le Parisien said that he will personally monitor the development of the partnership with AVTOVAZ, which "should become a branch of Renault in Russia". Journalists misinterpreted the words of the President, according to the office of Renault. "The word "branch" from a legal point of view in France means a separate legal entity with its own assets and the civil legal capacity of more than 50 % of the capital of which is owned by another legal entity. Thus, Mr. Ghosn reiterated the intention of the Renault-Nissan Alliance to acquire a controlling stake in AVTOVAZ. Currently, Renault owns 25% stake in Russia's leading automaker. The phrase context should be read as follows: "personally follow the successful development of our partnership with AVTOVAZ, controlling which Renault intends to acquire," - said the press service of the company. Currently, Renault owns a blocking stake in AVTOVAZ. The shares were bought for $ 1 billion in 2008. According to Carlos Ghosn, together with AVTOVAZ Alliance will produce up to 4.5 million vehicles by 2016. Ukraine is considering the possibility of joint venture on production of minibuses, with the participation of Lviv bus plant and Renault.