Russia’s largest producer of passenger cars ‘AvtoVAZ’ acquire the assets ‘Izhavto’ and self Udmurt enterprise will become the production area auto giant, told RIA Novosti news service of the President Udmurtia, referring to the head of the republic Alexander Volkov. So, Wolf said that following the meeting with Russian Prime Minister Vladimir Putin became known that the strategic partner ‘Izhavto’ becomes ‘AvtoVAZ’ instead Korean group Hyundai-Kia. Auto giant, the head of the republic, will acquire all assets of the plant ‘Izhavto’, which in the course of the bankruptcy procedure will cease to exist. On ‘AvtoVAZ’ declined comment. Get Comment Representatives’ Joint Automotive Group ‘(OAS’ daughter ” Savings-Capital, manages’ Izhavto ‘) failed. Previously, potential strategic partners ‘Izhavto’ acted concern Hyundai-Kia, who in April this year signed a Memorandum of Understanding between the Government of Udmurtia on the resumption of car production Kia Spectra in the autumn of 2010 and in mid-2011 – Kia Sorento. In early autumn, ‘AvtoVAZ’ reported that he had agreed with shareholders ‘Izhavto’ to move the production of Lada 2107 in Izhevsk Automobile Plant.
In this case, ‘AvtoVAZ’ no plans to transfer the license for Lada 2107 ‘Izhavto’, and the company will be contracted assembly of these cars. In 2008, AvtoVAZ ‘ together with its alliance partner Renault-Nissan plan to buy ‘Izhavto’ the Group CSR, but then the deal never took place. ‘IzhAvto’ to stop the plant is among the five largest Russian producers of passenger cars. The company produces vehicles Iz-27175, VAZ-2104, collected the car Kia Spectra and Kia Sorento. OAO AvtoVAZ ‘- one of the largest enterprises in the automotive industry in Eastern Europe. Production facilities can produce over 800,000 cars in year. In January-November 2010 ‘AvtoVAZ’ increased car sales in Russia, at 45.3% compared to the previous year – up to 467.5 thousand units, of which the recycling program was sold 194.4 thousand cars.