The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, and Schneider Electric, the leader in digital transformation of energy management and automation, have established a joint venture on the basis of Electroshield Samara assets. Representatives of RDIF and Schneider Electric have joined the Board of Directors of the new company, Investment Fund’s website reports.
RDIF and Schneider Electric have invested over RUR 3 bln ($41 mio) 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. Such major investments in the current turbulent economic environment evidence attractiveness of the region as an investment destination both in Russia and internationally, as well as the value of regional manufacturers.
According to Kirill Dmitriev, CEO of the Russian Direct Investment Fund, “Electroshield Samara produces equipment for a wide range of industries, including renewable energy, transportation, and oil and gas, among others. The joint investments with Schneider Electric are aimed at further supporting the development of equipment in Russia and creating advanced solutions based on digital technology that will subsequently be applied at strategic energy facilities in this country, contributing to its energy security. 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 regional economy.”
As Dmitry Azarov, Governor of the Samara Region, said, “In 2019, Samara Region became a top-3 Russian region in terms of growth of investment attractiveness, with investment sites that are unique to Russia, such as the Togliatti and Chapayevsk priority development areas, the Togliatti Special Economic Zone, private and state industrial parks, and the Zhigulevskaya Valley advanced technology park. The region is the country’s absolute leader in terms of implementing investment projects via public-private partnerships.”
“Electroshield Samara is one of Russia’s largest and oldest electrical engineering companies, which keeps up to date with the latest technology and continues to develop innovations and introduce international best practices. The company is included in the list of core enterprises in power engineering, as well as electrical and cable manufacturing. Our partnership with the RDIF will enable Electroshield Samara to take a new qualitative step forward,” Johan Vanderplaetse, President of Schneider Electric in Russia and the CIS, Chairman of the Board of Electroshield Samara, noted.