The board of directors of Russian conglomerate Rostec will consider the sale of a 26 percent stake minus one share in weapons maker Kalashnikov to two private investors, Andrei Bokarev and Alexei Krivoruchko.
Rostec announced Friday that it has agreed to sell off a stake in Kalashnikov as part of an overhaul of the producer of the AK-47 assault rifle.
Rostec would sell 26 per cent to private investors that already owned half of the firm in a move that will reduce the state’s holding in the weapons manufacturer to a blocking stake of just over 25 per cent. However, the deal needs approval from authorities.
“In 2013, the group’s loss amounted to almost 2 billion rubles ($34 million, 31 million euros at current rates),” Rostec head Sergei Chemezov said.
“After a number of significant transformations carried out by the Group, the replacement of management and the acquisition of the share in Kalashnikov by private investors, we jointly helped the company to achieve positive financial results.” Chemezov added.
A public-private partnership is an effective model for the reformation of state manufacturing enterprises, it allows additional investments to be attracted, as well as the required technological and market competences, Rostec head said.
“In the event of a positive decision, Rostec State Corporation will still be the blockholder. This is necessary for maintaining a balance between commercial and public interests," noted Sergey Chumasov, the General Director of Rostec State Corporation.
Russias defence and high technology holding company, Rostec declared 18% increase in consolidated revenues, amounting to 1 trillion and 140 billion rubles in 2015, despite the sanctions regime imposed against the firm. "Against the sanctions pressure, the general decline of the Russian economy and fall of industrial production index by more than 3 %, we managed to increase the revenue of the State Corporation to 1 trillion 140 billion rubles, demonstrating a growth by 18 % compared to 2014", said CEO of Rostec,Sergey Chemezov during the meeting with the President of Russia Vladimir Putin
Russias state corporation Rostec has denied reports that the contract has been signed for the delivery of the Triumph S-400 anti-aircraft missile systems to India. “A contract for delivering the Triumph S-400 anti-aircraft missile systems to India is not yet concluded,” Sergey Chemezov, director-general of the Rostec State Corporation told journalists on Wednesday, TASS reported
Rostec will showcase a new mobile fire control unit for MANPADS (man-portable air-Defense systems) at the ongoing DEFEXPO-2016 land and naval systems exhibition in Goa, India. "UIMC will present a mobile fire control unit for anti-aircraft Defense system at the DefExpo 2016," the press service said in a statement
Rostec Corporation is planning to sell a stake in its rotorcraft designer and manufacturer Russian Helicopters to the Mubadala foundation of Abu Dhabi. Officials from Rostec and Mubadala foundation are currently in talks to sell the stake, head of Rostec Sergey Chemezov told TASS today
Russias Technodinamika Holding and Chinese AVIC Shaanxi Aero Electric Company have signed a cooperation protocol to design and manufacture engine ignition systems and their accessories. Under the protocol, Technodinamika is viewed as a partner in developing an ignition system for the engine to be installed in narrow-bodied short & medium range civil aircrafts
The Kalashnikov Concern is likely to begin serial production of a new combat module using NeuroNet by next year, TASS reports. NeuroNet is an artificial neural networks, which allows the module to identify targets, learn and make decisions on its own
Russian Rostecs subsidiary, Techmash is considering licensed production of ammunition in Indonesia. Techmash is currently considering the production of ammunition for heavy armored vehicles purchased in the Russian Federation, particularly of the 30 mm and 100 mm caliber artillery shells, Sergey Abramov, Industrial director of Rostec weapons cluster, commenting on the cluster strategy adopted in the beginning of April 2017 said
An estimated 400 Kamov 226-T helicopters are planned to be manufactured by an Indo-Russian Joint venture under the “Make in India” program. The documents for the joint venture formation between Russias Rostec companies on one side and HAL on the other side have been prepared and registration is awaited
Russias Shvabe, a part of Rostec Corp, has delivered LDM-2VK laser rangefinders to China for use in shooting practise. The LDM-2VK laser rangefinder, which defines target coordinates in the GLONASS and GPS satellite navigation systems, is produced at the holding company's Shvabe – Defense and Protection enterprise
Novikombank, the base bank for the Russian industry, has granted a 20 million euro worth loan to the Irkut Corp to finance the execution of an export contract for the delivery of new aviation equipment. This agreement has become the first step towards promising cooperation between the parties, Rostec announced during January last week
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