Russia: The Russian Direct Investment Fund (RDIF) and France’s Schneider Electric have agreed to establish a joint venture aimed at investment in one of Russia’s leading electrical equipment manufacturers, Electroshield Samara.
Within the agreement, in case of approval of the deal by the governmental agencies engaged in the antimonopoly regulation, the joint venture in Russia will be established for development of Electroshield Samara on the basis of company’s assets. RDIF and Schneider Electric have decided to invest no less than $47 M (RUB3 B) in the development of the company. RDIF representatives will be included in the Board of Directors of the joint venture and will participate in key management decisions.
Currently, Electroshield Samara is implementing a comprehensive program of modernization of production in order to strengthen the competitive position of the enterprise on the Russian market of electrical equipment. The joint investments of RDIF and Schneider Electric will contribute to the modernization of manufacturing process, development of new equipment, and improvement of customer service of Electroshield Samara.
The new investments contribute to the creation of competitive domestic equipment based on Electroshield Samara’s own research and development.
Source: Russian Direct Investment Fund