Sistema, Sberbank invest in Gzhel porcelain
MOSCOW. Dec 26 (Interfax) - Sistema PJSFC and Sberbank have entered a new sector with an investment in artisan craftwork.
A subsidiary of Sistema, which is controlled by Vladimir Yevtushenkov, has purchased a 37.5% stake in Gzhel Management Company LLC, "one of the leading Russian producers of hand-painted traditional porcelain products and one of the oldest national artisan craft enterprises in Russia," the conglomerate said.
The ceramics works owned by Gzhel Management Company, located in the town of Turygino, in the Ramensky district of Moscow Region, was founded more than 100 years ago, Sistema said.
At the same time, a 37.5% stake in Gzhel Management Company has been acquired by Sberbank Investments, a subsidiary of Russia's largest bank. This information came up in the SPARK-Interfax system, and was confirmed on Wednesday by Sberbank deputy CEO Anatoly Popov through the lender's press service.
The acquisition of the stake in Gzhel Management Company is a "pilot project to test the national artisan crafts market in Russia," Sistema managing partner Sergei Yegorov was quoted as saying in the statement.
"The project has substantial potential for development through modernization of production, updating the assortment of products and increasing tourist traffic. Sistema is developing this project in cooperation with financial partner Sberbank Investments," Yegorov said.
Sistema will be involved in the project through National Artisan Crafts Group LLC, which was registered about a month ago. Sistema did not previously comment on the purpose of creating the new subsidiary.