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Russia's Avtovaz chooses Renault as strategic business partner

Renault SA was named as strategic partner of Russia's Avtovaz.

Avtovaz President Sergei Chemezov will present the project to Renault CEO Carlos Ghosn on Saturday in the Russian city of Togliatti, Renault spokeswoman Rochelle Chimenes said. She declined to give further details. Russia's Interfax news agency reported Renault would be sold a large minority stake in the struggling company.