Inter RAO buys 98.4% of power equipment manufacturer ELSIB

MOSCOW. Aug 16 (Interfax) - Russian energy holding Inter RAO has closed a deal to buy 98.4% of shares in power equipment manufacturer ELIB, the holding said.

The acquisition will allow Inter RAO, as part of its medium-term strategy, to establish a fully integrated power engineering business with leadership in the medium-capacity power units segment and thereby strengthen its position in the sector, the statement said.

ELSIB was part of the SUEK group prior to the deal. It specializes in designing and building hydro and turbine generators, and induction and synchronous motors for various sectors of industry. The company closed 2023 with a net profit of 661 million rubles on revenue of 7.3 billion rubles to Russian Accounting Standards.