Nissan Motor Co Ltd will hand over its business in Russia to a state-owned entity for 1 euro (Rs 80), bearing a loss of around $687 million and exiting the country.
The company transfer its shares to state-owned NAMI. The deal will allow the Nissan to buy back the business within six years.
The sale to NAMI will include Nissan's production and resear ch facilities in St Petersburg as well as its sales and marketing center in Moscow, the ministry said. It will include the Nissan's production and research facilities in St Petersburg.
It is expected that they bears loss of around 100 billion yen ($687 million).