PARIS Dec 12 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)