French auto giant Renault SA (RNO.RS) is ready to invest in the development of troubled Russian automaker AvtoVAZ (AVAZ.RS), Russia's Deputy Prime Minister Igor Shuvalov said Tuesday.

"(Renault) is prepared to invest in the development of AvtoVAZ," Shuvalov said, after a meeting with Renault and Russian auto industry executives.

The exact amount will be determined after AvtoVAZ has prepared its investment plan, said Shuvalov, who heads a government commission on the restructuring of the country's auto industry.

Shuvalov added that Renault sees its investment in AvtoVAZ as strategic and he said the French company may provide access to new technologies.

Company Web site: www.government.ru

-By Will Bland and Jacob Gronholt-Pedersen, Dow Jones Newswires; +7 495 937 8445; jacob.pedersen@dowjones.com