Japan's Nissan sells Russian assets to state, trade ministry says | Inquirer Business

Japan’s Nissan sells Russian assets to state, trade ministry says

/ 04:54 PM October 11, 2022

MOSCOW -Japanese automaker Nissan is selling its Russian assets to Russian state ownership, with an option to buy back the business within six years, Russia’s industry and trade ministry said on Tuesday.

Nissan in a statement said it had decided to exit the Russian market and expected to incur an extraordinary loss of about  100 billion yen ($686.72 million) from the asset transfer.

The deal marks the latest major company exit since Russia sent tens of thousands of troops into Ukraine in February and mirrors a move by French carmaker Renault, which sold its majority stake in Russian carmaker Avtovaz to a Russian investor in May.


The sale to state-owned NAMI will include Nissan’s production and research facilities in St Petersburg as well as its sales and marketing centre in Moscow, the ministry said.


A source with knowledge of the deal said a “symbolic sum” had been paid. Renault reportedly sold its stake in Avtovaz for one rouble ($0.0157).

“‘Nissan Manufacturing Rus’ is transferring its assets to the state – a deal of great significance for the industry,” Industry and Trade Minister Denis Manturov said in a statement.

($1 = 145.6200 yen)

($1 = 63.8500 rubles)

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: asset sale, exit, Nissan, Russia

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.