OREANDA-NEWS. October 7, 2009. Renault has agreed to a categorical proposal by Russian authorities to invest in AvtoVAZ and the amount of its contribution is to be determined at a later time, Vice PM Igor Shuvalov said Tuesday. Renault’s spokesperson also confirmed a few hours later that the company is prepared to invest in the Russian car maker.

Last week, Russian PM Vladimir Putin proposed Renault as a shareholder of AvtoVAZ either participating in its financing or agreeing to cut a stake in the Russian car giant. Renault, Rostekhnologii and Russian investment company Troika Dialog own blocking interests in AvtoVAZ.

“They (Renault) have confirmed strategic interest in the development of AvtoVAZ and said they are prepared to invest in the company’s expansion”, Shuvalov said Tuesday. Investments in AvtoVAZ should not necessarily be in cash, Renault’s spokeswoman said. Shuvalov does not insist that Renault invests cash and the French partner, according to him, is prepared to provide state-of-the-art technologies.