Despite French carmaker Renault’s earlier statement that it will not invest any more money in AvtoVAZ, Deputy Prime Minister Igor Shuvalov was quoted by the press as saying on 10 November that the Russian government would consider any offer from Renault to increase its 25% stake in the troubled Russian market leader. Shuvalov said that the Lada maker’s debt restructuring depended on Renault but ruled out swapping AvtoVAZ debt for new shares in the company. The government is ready to consider Renault offers regarding increasing its stake in the company. But there is no such offer as yet, Shuvalov told reporters in AvtoVAZ’ base town of Togliatti, on the banks of the Volga river. Shuvalov said the government hoped to present a rescue strategy for AvtoVAZ on November 20, but needed to know Renault’s position before it could finalize its plans.
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