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KAMAZ shares in TMZ Tutaev Engine Factory will increase to 70%.

KAMAZ shares in TMZ Tutaev Engine Factory will increase to 70%, according to RNS. Russian Machines will consolidate 90% shares of Autodiesel Engine Plant (YaMZ) in Yaroslavl, following the exit of Rostec. Rostec will acquire 17.92% share of Tutaev Engine Factory (TMZ) through KAMAZ (49.9% share belongs to Rostec) in exchange for the transaction, as RNS was informed by Rostec. As a result, the share of KAMAZ will increase to 70% in the enterprise. The relevant changes will take place by the end of the year, as stated by RNS, citing Rostec.

As it was reported earlier, Rostec plans to withdraw from the capital of YaMZ plant, where it has 30.99% shares, while 62.65% of GAZ Group shares belong to Russian Machines holding.

The growth of KAMAZ package is a strategic task for Rostec. “The company is subject to a serious competition in high capacity engine production. The engines are currently in demand by military equipment manufacturers, in addition to good prospects in the civilian market. KAMAZ and other companies belonging to the state corporation Rostec are amongst the partners of the plant. Partnership relations will be maintained with YaMZ on a market basis, as stated by Rostec.

As reported previously, KAMAZ is holding talks on the creation of a joint venture for the production of engines with Chinese Weichai Power, on the basis of TMZ Tutaev Engine Factory.