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16 January 2013
Deals | Algeria | M&A
In conjunction with the French President's State visit to Algeria, Renault, SNVI (Société Nationale de Véhicules Industriels, Algeria's National Company of Industrial Vehicles) and Algeria's National Investment Fund (FNI) signed a shareholders' agreement for the creation of a joint venture to develop the automotive industry in the country and support local market growth. The signing took place on 19 December 2012.
The joint venture will be owned 51% by the Algerian partners and 49% by Renault. SNVI and FNI are contributing 34% and 17% respectively to form the 51% stake.
The agreement provides for the construction of a manufacturing plant in Oued Tlelat, southwest of Oran, to build Renault Group passenger vehicles and LCVs, mainly for the Algerian market.
The plant's annual production volume will start at 25,000 vehicles per annum (seven vehicles per hour) and will increase to 75,000 vehicles per annum (15 vehicles per hour) in a second phase. The first model to be manufactured in the new plant will be the New Symbol.
Local content in cars will also be gradually stepped up to develop the automotive industry in Algeria.
"It is a pleasure and an honour to be playing a part in the signing of this agreement which aims to develop Algeria's automotive industry," said Renault's Jean-Christophe Kugler, Chief Operating Officer, Euromed-Africa region. "Renault is proud to be the first carmaker to establish production facilities in Algeria. It is also proud to be contributing to the automotive industry's development in the country."
Renault was advised by the Algiers office of Gide Loyrette Nouel with a team led by partner Samy Laghouati.
