MOSCOW, August 30 (RIA Novosti) - AvtoVAZ [RTS: AVAZ] is not planning to sell shares to foreign investors, the board chairman of Russia's largest carmaker said Wednesday.
"We have received such proposals from foreign investors at enviably steady rate, but we are not considering a sale," Vladimir Artyakov said at the Moscow International Motor Show.
He said the company, which produced 721,500 vehicles in 2005, was ready to consider other areas of investment cooperation, including the design and manufacture of new models.
Artyakov said French carmaker Renault had made several proposals, including the purchase of AvtoVaz shares. The board chairman added that talks were being held with Renault, but it would only be possible to talk about preliminary results in September.
AvtoVAZ already has experience in cooperating with international companies, as it teamed-up with General Motors in 2001 to produce the Chevrolet Niva 4WD at a joint enterprise established in Russia. The U.S. giant invested $240 million in the project.
