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Avtovaz OAO to Acquire 25% in Kazakhstan's Azia Avto AO in Exchange for Intangible Assets-RosBusinessConsulting


Friday, 30 Aug 2013 01:47am EDT 

RosBusinessConsulting reported that Avtovaz OAO will acquire a 25% plus one share stake in Kazakhstan-based auto joint venture (JV) Azia avto AO in exchange for contribution of intangible assets, the Russian company said in a statement. Bipek Avto Kazakhstan owns a 50% plus one share in the JV. The partners plan to establish a production facility in the city of Ust-Kamenogorsk with an annual output of 120,000 cars. Investment in welding, painting and assembly lines is estimated at about $400m.