Renault-Nissan on Wednesday signed an agreement with Russian state conglomerate Russian Technologies to create a joint venture which will allow the auto alliance to gain control of Russia's top carmaker Avtovaz.

By mid-2014, Renault-Nissan will hold 67.13 percent of the new joint venture, which is to be called Alliance Rostec Auto BV and which will own 74.5 percent of Avtovaz, the maker of the iconic Russian Lada car.

Russian Technologies will hold 32.87 percent of the joint venture.

The French-Japanese alliance is to invest a total of 23 billion roubles ($742 million) in the alliance.

AFP