22 Nov 2018 09:56

Russian govt hands over 92.31% in United Aircraft Corporation to Rostec

MOSCOW. Nov 22 (Interfax) - Russian Prime Minister Dmitry Medvedev has signed a directive to hand over a stake in the United Aircraft Corporation (UAC) to Rostec, according to a statement posted on the government website.

"The directive enforced the decision to hand over 92.31% in the United Aircraft Corporation owned by the federal government to the state corporation," the statement said.

The UAC is the owner of major Russian aircraft companies, among them MiG, Sukhoi, Tupolev, Il, and Irkut, as well as research institutes, design bureaus, and assembly plants in Moscow, Ulyanovsk, Voronezh, Nizhny Novgorod, Irkutsk, Novosibirsk, and Komsomolsk-on-Amur.

Given Rostec's stakes in Russian Helicopters, the United Engine Corporation, and a number of leading domestic designers and manufacturers of avionic equipment, systems, units, and components, the decision consolidates principal research-and-production capacities of the aircraft industry.

"The UAC's inclusion in the state corporation is expected to have an economic effect, including investment in the MC-21 project. The economic effect will also manifest itself in optimized operations, balanced production facilities, and cooperation between the UAC's subsidiaries and affiliates of the state corporation, among them Russian Helicopters, the statement said.