The Russian automotive group that bought Birmingham vanmaker LDV for a reported #50 million last month has announced plans to float.
Gaz, based in the central Russian city of Niznhy Novogorod, confirmed yesterday that it is considering an initial public offering of its shares on a foreign bourse in 2008.
But it denied recent UK press reports that it was interested in buying Jaguar should Ford decide to put its luxury car brand up for sale.
The float announcement was made by company president Erik Eberhardson at a motor show in Moscow but he gave no further details.
He was quoted as saying: "If such a decision is taken, an IPO is possible on foreign markets in 2008."
Gaz, which is controlled by Russian metals oligarch Oleg Derispaska, has emerged as a major automotive group following the merger of its car, truck and bus businesses.
It snapped up LDV, which this time last year was the last British-owned volume vehicle manufacturer from American private equity group Sun Capital Partners in July.
Sun bought the Washwood Heath company out of administration late last year following weeks of uncertainty and financial turmoil.
Gaz has installed former Ford executives Martin Leach and Steve Young to run the business, which centres on the well-received Maxus range of vans and minibuses and which supplies major customers such as Royal Mail and British Telecom. The group plans to invest up to #265 million to produce new engines for its light and heavy commercial vehicles and also plans to build the Maxus in Russia.
Yesterday GAZ reported revenues calculated under international accounting standards of about #24 billion.