Magna International Inc. chairman Frank Stronach speaks to reporters in Berlin in May. (Franka Bruns/Associated Press)

Canadian auto parts company Magna International Inc. is looking at building three plants in Russia, a related company said Wednesday.

MI Developments Inc., which does real estate work for Magna, said it's talking to Magna about the three plants.

The Stronach family, headed by Magna founder Frank Stronach, controls both companies.

MI said that two of the projects are in the St. Petersburg area and the third in Kaluga, south of Moscow.

"These significant projects would be Magna's first greenfield plants in Russia, with potential for expansion as Magna's business in Russia grows," MI said in a news release.

MI workers have been consulting for Magna on the projects. MI may finance Magna's acquisition, development and construction of the plants, and could later buy them and lease them back to Magna, the company said.

Stronach has been looking at Russia as a potential market, and has done a number of deals with Russian backers.

Most recently, Magna and Russian bank Sberbank teamed up to buy control in General Motors' German-based Opel car maker. Magna will have 20 per cent of Opel, and the bank 35 per cent.

In 2007, a company controlled by Russian investor Oleg Deripaska, who controls the country's second-largest automaker, GAZ, spent $1.54-billion US to buy stock in Magna.

However, he was forced to sell the shares last year after creditors squeezed his own cash-strapped car-making subsidiary.

Magna Class A shares closed up $1.93 at $45.29 in TSX trading. MI stock added three cents to $9.14.