Altera Investment Fund has acquired 7.5% of the share capital of Russian Machines Corporation, part of Russian industrial group Basic Element. Kirill Androsov, managing partner of Altera, has been appointed to the company’s board of directors.
Basic Element, one of Russia’s largest diversified industrial groups, has announced that Altera Investment Fund (Altera Investment Fund SICAV-SIF) has acquired 7.5% of the share capital of Russian Machines Corporation, part of Basic Element. As part of this agreement, Kirill Androsov, managing partner of Altera, has been appointed to the company’s Board of Directors.
One of Russian Machines’ major strategic objectives is to prepare for entry into the international capital markets, with a view to a possible IPO. This includes creating and delivering a new strategy, further developing the corporate governance system, and optimising the organisational structure in line with international best practice and investor expectations. It is anticipated that Altera Investment Fund will actively contribute its expertise in these areas.
Russian Machines Corporation actively expands its investor base with the new shareholders acting also as the company’s strategic partners. In 2010 Siegfried Wolf and Peter Koob, former executives at Canada’s Magna Corporation, became minority shareholders in Russian Machines with 12,5% of the share capital, and now actively engage in the company’s strategic development and growth. Their participation has helped to establish a number of partnerships with leading global producers, including General Motors, Volkswagen, Terex Corporation and Bosal, and contribute to 27% revenue growth between 2010 and 2011, amounting to revenue of USD157 billion.
About Russian Machines
Russian Machines is a major Russian diversified corporation and a part of Basic Element. Its holdings include industrial and engineering assets in industries including automotive OEM, automotive components, the rail industry, aircraft OEM, military vehicles, and road construction machinery. The corporation employs over 75 000 people and operates across 14 different regions of Russia.
About “Basic Element”
Basic Element is one of the Russia’s largest and most dynamic diversified industrial groups. Basic Element’s companies are controlled by or are within the scope of Oleg Deripaska business interests. Basic Element through its affiliates owns significant stakes in and operates dozens of companies operating in many segments: Energy, Manufacturing, Financial Services, Construction, Aviation, Agriculture and others. Over 250,000 people work at more than 100 Group’s companies in Russia, the CIS, Africa, Australia, Asia, Europe and Latin America. Many of them play key roles in their respective market segments in Russia and internationally, including En+ Group, GAZ Group, Glavstroy, Basel Aero and others.
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