"I met with representatives of Volkswagen yesterday and they told me the company had decided to start investing in Russia next year," German Gref said.
Gref declined to comment when asked whether AvtoVAZ, a Russian automobile manufacturer, would come under the government's control. He said a board of directors would be formed, which would include a representative of the Federal Industry Agency and two representatives from Rosoboronexport, the state-owned arms export agency.
"It is time to make a decision on AvtoVAZ, given the growing competition and Volkswagen's intention to invest in Russia," he said.
A Russian business daily reported Thursday that Russia's largest automotive producer, AvtoVAZ, is under the control of Rosoboronexport. Minority shareholders in the company have concerns related to future capital investments and management changes.
Vedomosti reports quoted Konstantin Titov, governor of Samara, where Avtovaz is located, as saying that 51% of the carmaker's shares are now in the possession of Rosoboronexport, which apparently paid $700 million for the controlling stake.
