FSUE NAMI, subordinated to the Ministry of Industry and Trade, continues to consolidate assets in the Russian automotive industry
According to Interfax, the state corporation Rostec is no longer a co-owner of AvtoVAZ. Data from the Unified State Register of Legal Entities indicate that on May 5, the Federal State Unitary Enterprise “Research Automobile and Automotive Institute” subordinated to the Ministry of Industry and Trade became the sole owner of Lada Auto Holding LLC. Rostec confirmed the fact that the state corporation had withdrawn from the capital of AvtoVAZ.
Recall that at the end of 2021, AvtoVAZ was controlled through the Dutch company Alliance Rostec Auto BV, which belonged to Renault (67.7%) and Rostec (32.3%). At the end of 2021, the company was transferred to the Russian jurisdiction with the formation of Lada Auto Holding LLC and the preservation of the co-owners’ shares. But already last year, against the backdrop of the Ukrainian events, Renault gave its share to NAMI (with a buyback option within 6 years). Thus, until recently, Rostec and NAMI remained the co-owners of AvtoVAZ, but now the state corporation has withdrawn from the capital of AvtoVAZ.
Rostec withdrew from the capital of AvtoVAZ.
The transition of AvtoVAZ under the full control of the Ministry of Industry and Trade is associated with the situation around components and spare parts – it is difficult to get them, having a state corporation as a shareholder, subject to sanctions from all sides. Last year, Vedomosti wrote that Rostec could withdraw from the shareholders of AvtoVAZ, one of the sources then commented on this: “in the current situation, this will be the only right decision, since now the plant is experiencing difficulties with ordering components abroad .
After the mass exodus of automakers from Russia last year, the subordinate structure of the Ministry of Industry and Trade became the center for consolidating the assets of the Russian automobile industry: for example, in addition to full control over AvtoVAZ, NAMI fully controls the Russian plants of Nissan and Toyota. NAMI also owns a 63.5% stake in the Aurus luxury car project.