Russian Econ Min wants to privatize 100% of Rusnano by 2017
MOSCOW. June 27 (Interfax) - The Russian Economic Development Ministry has recommended that the government completely withdraw from Russian nanotechnology corporation Rusnano's capital by 2016 inclusive.
The sale of the entire company is included in the privatization plan for 2014-2016 and later years, which was drafted by the Economic Development Ministry, new Economic Development Minister Alexei Ulyukayev said at a government session on Thursday.
It was previously expected that the government would sell 10% of Rusnano through a private placement this year. However, in June the nanotechnology corporation presented a different development plan that does not include privatization.
Rusnano is planning to transform into a private equity fund by dividing up its asset ownership and management functions. With regards to asset management, a superstructure will be formed - a management company that will be placed in private hands in the future. Within this structure, OJSC Rusnano itself will remain completely government-owned and, together with outside investors, will accumulate funds for investments in nanotechnology projects using its own resources.
Rusnano will get at least 80% of the management company at the first stage, and it will fully withdraw from the structure between 2016 and 2020 if it fulfills its obligation to the government - to generate 300 billion rubles in revenue from selling its portfolio companies' nano products in 2015, Rusnano CEO Anatoly Chubais told reporters.
In Rusnano's opinion, this new configuration will make it possible to raise $5 billion from private investors in nano projects by the end of 2010. The corporation no longer wants to receive financing from the budget.