Abu Dhabi’s Tawazun to get a stake in Russian luxury car venture

Abu Dhabi's Tawazun to get a stake in Russian luxury car venture 1

MOSCOW, Feb 18 (Reuters) – Abu Dhabi’s Tawazun keeping will take a 36-percentage stake in Russian automobile maker Aurus, investing a hundred and ten million euros ($124 million) inside the corporation within three years, Russia’s enterprise ministry stated in a declaration on Monday.

* Tawazun becomes the main Aurus distributor in North Africa and the Middle East, the Russian ministry said.

* The share of Sollers, every other Russian car manufacturer, in Aurus will fall to zero.5 percentage due to the deal it brought;

* Aurus is a challenge and logo run by using Russia’s Central Scientific Research Automobile and Automotive Engine Institute, known as NAMI;

* NAMI owns a 63. Five percent in the undertaking, which, Russia has said, will produce various luxury motors designed within u. S. A .. ($1 = zero.8843 euros) (Reporting using Gleb Stolyarov; writing by way of Polina Devitt; editing through Kirsten Donovan)