June 7, 2019 / 3:07 PM / 18 days ago

Rostec to sell Avtovaz stake to Renault for 10 bln rbls

ST PETERSBURG, June 7 (Reuters) - Russian state conglomerate Rostec plans to reduce its stake in carmaker Avtovaz to 25% by selling a stake to France’s Renault , Rostec CEO said on Friday.

Rostec may use proceeds from the sale of new Avtovaz share issue to add capital to the carmaker, Sergey Chemezov said on the sidelines of the International Economic Forum. (Reporting by Gleb Stolyarov; writing by Andrey Kuzmin; editing by Louise Heavens)

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