Renault will sell its majority stake in AvtoVAZ to a Russian science institute, the automaker said, adding that the deal included a six-year option to buy back the stake.
The Western automaker most exposed to the Russian market said that its holding of nearly 67.69 percent in AvtoVAZ, which makes Lada cars, would be sold to the Russian Central Research and Development Automobile and Engine Institute, called Nami.
"The closing of these transactions is not subject to any conditions, and all required approvals have been obtained," Renault said in a statement on Monday.