IDGC Holding, ERDF agree terms for transfer of Tomsk Distribution Co mgmt
MOSCOW. March 18 (Interfax) - OJSC IDGC Holding and EDF subsidiary ERDF have signed an agreement on the terms for transferring management of OJSC Tomsk Distribution Company to ERDF.
The agreement was signed by IDGC Holding chief Nikolai Shvets and ERDF representative Michele Bellon, an Interfax correspondent reported from the signing ceremonies. It stipulates the drawing-up of a contractual agreement for transferring management to an ERDF subsidiary to be set up in Russia.
Bellon told the press ERDF planned to take over the management of Tomsk Distribution Company in three months. "I hope that [the agreement] will allow us to arrive in three months' time at the signing of a contractual agreement on the transfer of Tomsk Distribution Company into management," Bellon said.
ERDF is also not ruling out investing in Tomsk Distribution Company's capital, but the agreement signed Friday does not stipulate such investment, she said.
Bellon said the parties have set out the main terms by which ERDF will manage the company, particularly key items such as improving its financial, economic, and technical condition, and improving safety equipment. She did not specify which key indicators are stipulated in the deal.
The Friday agreement also lays out the principles by which the managing company will be remunerated dependent on how the key indicators are met, and also the management timeframe. What that period is, the parties have not said.
ERDF has already launched procedures for setting up in Russia the subsidiary company ERDF-Russia, which will be involved in the management of Tomsk Distribution Company, Bellon said. That subsidiary will not be managing the grid company by itself, the IDGC Holding press service said.
Shvets said at a press conference after the signing that the contractual management agreement is slated to be signed during the St. Petersburg Economic Forum this June.
The holding and ERDF also plan to sign an agreement strategic cooperation will involve looking at joint operations in other Russian regions and also abroad.
The Russian government signing off on the transfer made the actual transfer possible, IDGC Holding said.