By Alex Anishyuk

Truck maker KamAZ and Daimler Chrysler created two new joint ventures Tuesday, while sources said the German automaker is in talks to boost its stake in the ailing Russian firm to a blocking 25 percent.

“Daimler and automaker KamAZ … signed the agreements for the establishment of two joint ventures,” Daimler said in a statement Tuesday.

Each partner will own 50 percent in the two joint ventures, which will operate alongside KamAZ in Naberezhnye Chelny, Tatarstan. Each side will invest 4.1 million euros ($6.12 million) in FUSO KamAZ Trucks Rus and 5.9 million euros in Mercedes-Benz Trucks Vostok, respectively.

FUSO KamAZ will import semi-knockdown kits from Japan, and begin assembly and sales of the light-duty Fuso Canter trucks in the first quarter next year. The ventures will steadily increase the number of local parts and components used in assembly, the statement said. Mercedes-Benz Trucks Vostok will initially produce Mercedes-Benz Actros and Axor heavy-duty trucks using semi-knockdown kits as well. Truck production is scheduled to commence in the second quarter of 2010, while sales will begin in January, the statement said.

KamAZ reported first-half losses of 1.84 billion rubles ($64.7 million), a relatively positive figure compared with the 19.4 billion ruble loss sustained by AvtoVAZ in the same period.

KamAZ is owned by Troika Dialog investment bank (44.4 percent), state industrial holding Russian Technologies (37.8 percent) and Daimler Chrysler (10 percent), which acquired its stake in December 2008.

Daimler may boost its share by 15 percent to a 25 percent blocking stake, Vedomosti reported Tuesday, citing sources close to KamAZ shareholders. The sources said Daimler’s option to buy the stake expired Nov. 11, by which time the carmaker had filed an application to complete the purchase.

KamAZ’s press service could not be reached for comment.

Russian Technologies began talks with Troika Dialog in September on acquiring 13 percent from the investment bank, which would give it a controlling stake, but Daimler has a priority option to buy additional shares as part of the initial agreement.

If Daimler does buy the stake, the carmaker will have chosen an opportune time to acquire the shares, as they are trading at a fraction of their previous highs, said Andrei Rozhkov, a transportation analyst at Metropol. He estimated the value of the stake at roughly $300 million to $350 million.

KamAZ shares hit their peak in January 2008, trading as high as 167.89 rubles. Stock prices plummeted over the following year, retreating to a low of 12.58 rubles. KamAZ shares closed at 74.50 rubles Tuesday.

Daimler spokesperson Uta Leitner said her company was “currently in talks with KamAZ about a wide range of issues,” but refused to specify whether increasing its stake was on the agenda.

“A 10 percent stake doesn’t mean much for doing big business in Russia and would have kept Daimler’s position as a portfolio investor in the company, while a 25 percent stake would allow Daimler to influence KamAZ policies,” Andrei Rozhkov said.

According to Russian legislation, a 25 percent stake allows investors to have access to the accounting documents and minutes from executive meetings.