18 May 2020 18:51

RDIF, Schneider Electric invest 3 bln rubles in JV on basis of Electroshield plant

SAMARA. May 18 (Interfax) - The Russian Direct Investment Fund (RDIF) and France's Schneider Electric have invested 3 billion rubles in a joint venture formed on the basis of Electroshield Samara, RDIF said in a statement.

"RDIF and Schneider Electric have invested over 3 billion rubles in Electroshield Samara, supporting the company's efforts to continue with modernization of production, save jobs, develop and implement technological innovations, and expand its projects geographically," the statement said.

Representatives of RDIF and Schneider Electric have joined the JV's board of directors.

"We also expect the investment support from RDIF and Schneider Electric to enable the company to expand the export potential of its products, making a significant contribution to the development of the Samara region's economy," RDIF CEO Kirill Dmitriev was quoted in the statement as saying.

At the same time, Governor of the Samara region Dmitry Azarov said that the influx of new investments would help the plant to maintain social guarantees for employees.

"We expect that the influx of investments will enable the company to reach a new level of its development, while preserving the unique working traditions of the enterprise and social guarantees for the Electroshield employees, the RDIF quoted Azarov as saying.

RDIF did not clarify the details of the deal between the fund and Schneider Electric. The Electroschield Samara press service said that the JV had received the name JSC SESh Holding and was the management company of the Electroshield Samara plant. According to data of the SPARK-Interfax analytical system, Schneider Electric is the owner of 100% of shares in JSC Electroshield Samara and 99% of JSC SESh Holding.

Commenting on the distribution of investments in terms of shares, an RDIF employee said only that "according to the mandate, RDFI is obliged to raise one ruble of foreign money per one ruble of its own investments."