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. Last Updated: 07/27/2016

Truck Giant, U.S. Firm Set Joint Venture

KamAZ, Russia's biggest truck maker, plans to set up a joint venture with U.S. venture capital firm Kohlberg, Kravis, Roberts & Co. to attract $3.5 billion for new equipment, Interfax said Thursday.

Viktor Sorokin, aide to KamAZ president Nikolai Bekh, told The Moscow Times that the joint venture had been approved at an urgent shareholders' meeting in Moscow on Wednesday. He refused, however, to confirm the name of the U.S. partner or the amount of investment planned.

"The information is strictly confidential," he said. "Someone from Interfax must have snuck into our shareholders' meeting."

Interfax quoted Bekh as saying the money would be used to finance a five-year plan. Kohlberg, Kravis, Roberts & Co. would obtain 51 percent of the stock in the new joint venture, Interfax said.