Economy, Auto

WSJ: Renault Buying Pars Khodro Shares

WSJ: Renault Buying Pars Khodro SharesWSJ: Renault Buying Pars Khodro Shares

French carmaker Renault is in talks to buy a minority stake in its Iranian joint venture, the Wall Street Journal cited an executive at the Iranian firm as saying. Nasser Aqamohammadi, managing director of Pars Khodro, was quoted as saying the French group was in talks to buy less than half of the shares in his company, the newspaper said on its website on Friday. He said Renault was also in talks to buy infrastructure, such as car plants, owned by Pars Khodro’s parent company Saipa Group. A spokeswoman for Renault in Paris declined to comment. Renault is keen to start making and selling vehicles in Iran again with local partners Iran Khodro and Pars Khodro, to rebuild the significant market position it enjoyed before international sanctions on Tehran were introduced in 2011.