PJSC AVTOVAZ announces the signature of a Special Investment contract
Within the scope of the agreement, PJSC AVTOVAZ serves as the main investor within the group of Alliance partners that involves LLC LADA Izhevsk (part of AVTOVAZ Group), CJSC Renault Russia, LLC Nissan Motor Manufacturing Russia, and LLC Mitsubishi Motors Rus. This contract also involves the Government of Samara Region, the Government of the Udmurt Republic, the Government of Moscow, the Government of Saint Petersburg and the Government of Kaluga Region.
During the 10-year contract PJSC AVTOVAZ will invest more than 70 B-RUB, create 2,300 jobs, and together with its Alliance partners, expand localization of materials, parts and components, introduce new technologies, develop R&D activities in Russia and increase export volumes.
The President of PJSC AVTOVAZ Yves Caracatzanis said that the SPIC will greatly help the Company in the implementation of its ambitious mid-term plan. “In coming years AVTOVAZ Group is going to completely renew its LADA product range. In this situation, SPIC is providing the long-term visibility which is critical for our activities and it will also contribute to the development of the whole Russian auto components industry,” – stressed Mr. Caracatzanis.
Nicolas Maure, Vice-Chairman of the Board of Directors, noted that the Russian market is key to the success of Groupe Renault, including AVTOVAZ. “I’m glad that the Russian Federation government extended to AVTOVAZ and all Alliance partners in Russia the possibility to sign this SPIC which materializes our commitment to develop our activities in Russia”, – stated Mr. Maure.
Sergey Skvortsov, Chairman of the Board of Directors, confirmed that the SPIC has been approved through an extraordinary Board meeting on December 24th. “This SPIC is a great opportunity for AVTOVAZ and its Alliance partners to continue investing in new projects and increase localization and exports which are critical for the future of the automotive industry in the country”, – stated Mr. Skvortsov.
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