Rostec to Sell Stake in AvtoVAZ to Renault

State-controlled Russian conglomerate Rostec says it will reduce its stake in carmaker OAO AvtoVAZ to 25% by selling 10 billion rubles ($154 million) worth of its holding to Renault SA.

The sale is the latest in a lengthy process by Renault to take full ownership of AvtoVAZ. It began in 2008, when Renault spent $1 billion to acquire a 25% stake in the Russian maker of Lada cars.

In 2012, Renault and alliance partner Nissan Motor Co. set up a joint venture holding company with Rostec called Alliance Rostec. The aim was to enable Renault to eventually take control of the Russian carmaker.

That goal was achieved in 2014, when Renault-Nissan gained a 51% stake in AvtoVAZ. Nissan has since sold its stake to Renault, and AvtoVAZ is now a Renault subsidiary.