MOSCOW, March 10 (RIA Novosti) - Russian car manufacturer AvtoVAZ, known for its Lada brand, plans to attract up to $4.5 billion of investment to update its product range under an agreement signed between the company and a Russian bank, the company's press service said Friday.
The agreement between AvtoVaz and the Russian Bank for Development, which ranks among Russia's 80 largest banks by shareholders' equity and 10 most reliable banks, provides for investment cooperation, long- and short-term loans and other forms of credit, and the obtaining of funds on domestic and foreign markets, including on a syndicated basis, to implement major investment projects.
AvtoVAZ (RTS ticker: AVAZ) is a leading Russian car manufacturer with a current market capitalization of $1.43 billion. The company is based in Togliatti in the Volga region and produces around a million cars per year under the Lada brand.
