MOSCOW, Aug 29 (PRIME) — Russias largest car manufacturer AvtoVAZ plans to repay a 75 billion ruble debt to the Russian government by 2020, the companys President Igor Komarov said Monday at an online conference with Russian online newspaper Gazeta.ru.
The government provided around 75 billion rubles in interest-free loans to AvtoVAZ in 20092010, Komarov said. Of the total government support, the company plans to convert 40 billion rubles into shares, including 17 billion rubles to be converted by the end of 2011 during an extra share offering.
AvtoVAZ plans to repay 25 billion rubles in 2019, while the remaining funds are to be repaid or converted within the next three years, Komarov said.
(28.8717 rubles U.S. $1)