Toyota's St Petersburg plant handed over to Russian state -agencies

Russia's industry ministry on Friday said Japanese carmaker Toyota's factory in St Petersburg had been handed over to state entity NAMI, Russian news agencies reported.

"Toyota's production site in St Petersburg has at this stage been transferred to the state," agencies quoted the ministry as saying. "The agreement implies a full handover of ownership rights of the plant building, equipment and land."

NAMI, Russia's Central Automobile and Engine Research and Development Institute, has already snapped up plants from Renault and Nissan.