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. Last Updated: 07/27/2016

Deripaska May Join AvtoVAZ Project

Billionaire Oleg Deripaska may join a venture between AvtoVAZ and Canada's Magna International to build a "people's car," Vedomosti reported Saturday.

Deripaska's Russian Machines rejected a proposal to merge with AvtoVAZ and instead wants to help build a Russian compact car to sell for about $10,000, the newspaper said, citing Yelena Matveyeva, a spokeswoman for the company.

Russian Machines owns 73 percent of automaker GAZ, Vedomosti said.

Magna is aware of Russian Machines' interest in the project, though it has not received specific proposals, Vedomosti reported, citing Alexander Navolotsky, head of Magna's Moscow office.

Magna and AvtoVAZ last month agreed to set up a venture to produce at least 220,000 compact models per year.