Nissan, Automaker from japan is now making sale of Russian assets to the Russian State by keeping option to buy it back within a span of 6 years, a statement made on Tuesday by Industry and trade ministry of Russia.
In a statement Nissan told that they decided to come out of Russian market and expected to incur an unexpected loss of about 100 billion yen ($686.72 million) from this asset transfer.
The major company exit since Russia sent tens of thousands of troops into Ukraine in this February and mirrors a move by French carmaker Renault, which sold its maximum stake in Russian car maker Avtovaz to a Russian investor in the month of May.
The trade to state – owned NAMI will include production and research facilities of Nissan in St Petersburg and also its sales and marketing centre located in Moscow, told by the ministry.
As per sources, a “symbolic sum” had been paid. Renault reportedly sold its stake in Avtovaz for one rouble ($0.0157).
“‘Nissan Manufacturing Rus’ is shifting its assets to the state – deal of great significance for the industry,” Industry and Trade Minister Denis Manturov told in a statement.
($1 = 145.6200 yen)
($1 = 63.8500 roubles)