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Thursday, September 5, 2013

Lada producer acquires blocking stake in largest Kazakh car maker

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Russian automobile giant AvtoVAZ is to acquire a 25% stake in Kazakhstan's largest car maker Asia Auto. That's a big enough stake to block the board. As part of the deal, which has just been signed, up to 120-thousand Ladas will be produced in Kazakhstan. The project will require 400-million dollars of investment. Production is scheduled to start before the end of 2014. About half of the cars assembled in Kazakhstan will be sold in Siberia. Lada sales in Kazakhstan have reportedly increased by almost 80 percent in the first 7 months of 2013. Get more of PTR on our website http://rt.com/programs/prime-time-russia FOLLOW us on Twitter http://twitter.com/PrimeTimeRussia LIKE us on Facebook http://www.facebook.com/PrimeTimeRussia Prime Time Russia is the first TV show for an English-speaking audience in Russia. Weekdays from 8-9pm: the latest news, politics, business, sport and cultural events discussed live. A Russian survival guide, venue reviews -- even business start-up advice.

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