Abu Dhabi's Tawazun To Get A Stake In Russian Luxury Car Project
Reuters
1 min read
Feb 19, 2019, 06:41 PM
Abu Dhabi's Tawazun holding will take a 36-percent stake in Russian car maker Aurus, investing 110 million euros ($124 million) in the company within three years, Russia's industry ministry said in a statement on Monday.
Tawazun will become the main Aurus distributor in North Africa and the Middle East, the Russian ministry said. The share of Sollers, another Russian car producer, in Aurus will fall to 0.5 percent as a result of the deal, it added.
Aurus is a project and brand run by Russia's Central Scientific Research Automobile and Automotive Engine Institute, known as NAMI.
NAMI owns a 63.5 percent in the project, which, Russia has said, will see it producing a range of luxury cars designed inside the country.
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