Renova sells Ural Turbine Plant to little-known co for 10 bln rubles, possibly in interests of Inter RAO - paper
MOSCOW. April 14 (Interfax) - Billionaire Viktor Vekselberg's Renova Group has sold Russia's largest steam turbine manufacturer, the Ural Turbine Plant (UTZ), to Moselektroschit, a little-known electrical equipment maker, national daily Kommersant said on Friday.
The deal was worth about 10 billion rubles, the paper said, citing sources. The sources believe the transaction was made in the interests of power company Inter RAO Inter RAO, as Moselektroschit does not have competencies in the power engineering industry or the financial means for such an acquisition.
Inter RAO and Moselektroschit are now holding negotiations on the purchase, Kommersant reported one source as saying. Inter RAO did not confirm it was holding talks with Moselektroschit, but said it continues to be interested in power engineering assets, the paper said.
Inter RAO bought Siemens Energy's 65% stake in Siemens Gas Turbine Technologies and Voronezh Transformer LLC (formerly Siemens Transformers LLC) in 2022.
Meanwhile, the CEO of Siberian Coal Energy Company (SUEK) and Siberian Generating Company (SGC), Maxim Basov said in a talk with SGC employees on Tuesday that the company is considering buying power engineering assets. "Recently we thought about buying an Ural plant, [but] decided not to buy. It was bought by Inter RAO. We're looking at other plants," Basov said.
UTZ, which specializes in building steam turbines and servicing and modernizing steam and gas turbines, was 49% owned by Renova Group in 2018, according to the most recent information available. Mikhail Lifshits, Yevgeny Belov and Legacy Media LLC owned stakes of 20%, 16% and 15%, respectively.
Kommersant said Moselektroschit bought up to 90% of shares in UTZ and a 10% stake was retained by Lifshits, who will remain chairman of UTZ's board of directors. Moselektroschit's sole owner as of the end of 2022 was Alexander Plakida, according to the Unified State Register of Legal Entities.