Russian Technologies to own over 40 pct in Avtovaz

MOSCOW, May 24 (Reuters) - State-owned Russian Technologies on Monday said it plans to raise its stake in struggling domestic carmaker Avtovaz above the 40 percent level after converting the company's debt.

'Renault plans to maintain its stake, and we will probably have about 40 (percent),' Russian Technologies head Sergei Chemezov told journalists.

AvtoVAZ last month agreed to restructure 28 billion roubles ($898.3 million) of debt, with Russian Technologies agreeing to repay the amount.

Russian Technologies and Renault each hold 25 percent of the company, famous in Russia for its Lada brand.

(Reporting by Gleb Stolyarov, writing by Alfred Kueppers) ($1=31.17 Rouble) Keywords: RUSSIAN TECHNOLOGIES/AVTOVAZ ([e-mail]; Tel [phone]; Reuters Messaging: [e-mail]@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.