RIA Novosti citing Mr Sergei Chemezov head of Russian state hi-tech corporation Russian Technologies as saying that Auto giant Renault-Nissan could increase its stake in Russia largest car maker, AvtoVAZ to a controlling interest in two to three years.

Mr Chemezov said when asked when the deal could take place that "This will happen in two or three years."

He said AvtoVAZ would go ahead with the planned second stage of the auto giant's new share issue in 2012 despite the prospect for Renault-Nissan to raise its stake in AvtoVAZ to a controlling interest. He added that the members of the alliance would have to decide how to distribute their shareholdings in AvtoVAZ.

Mr Vladimir Putin Prime Minister told Renault-Nissan President Mr Carlos Ghosn recently that Russia welcomed a possible rise of Renault-Nissan stake in AvtoVAZ to a controlling interest.

Troika Dialog Investment Company, Renault-Nissan and Russian Technologies each hold 25% of AvtoVAZ.

(Sourced from RIA Novosti)