Renault-Nissan to take control of AvtoVAZ joint venture

PARIS Dec 12 (Reuters) - Renault-Nissan and Russian Technologies State Corporation said they would create a joint venture to accelerate product launches and technology transfers to Russian car maker AvtoVAZ.

The Franco-Japanese alliance will invest 23 billion rubles ($742 million) to take control of AvtoVAZ via a 67.13 percent stake in the joint venture by mid-2014. The JV will then own 74.5 percent of AvtoVAZ.

Russian Technologies will hold 32.87 percent of the JV.

As part of the agreement, Renault-Nissan will have eight seats on an expanded board of 15 members, up from 12 earlier. (Reporting by Leila Abboud; Editing by Christian Plumb)