Schneider Electric and RDIF to create a joint venture to invest in Electroshield Samara
Moscow, October 21, 2019 – The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, and France’s Schneider Electric, the leader in digital transformation of energy management and automation, have agreed to establish a joint venture aimed at investment in one of Russia’s leading electrical equipment manufacturers, Electroshield Samara.
Within the agreement, in case of approval of the deal by the governmental agencies engaged in the antimonopoly regulation, the joint venture in Russia will be established for development of Electroshield Samara on the basis of company’s assets. RDIF and Schneider Electric have decided to invest no less than RUB3 bn in the development of the company. RDIF representatives will be included in the Board of Directors of the joint venture and will participate in key management decisions.
Currently, Electroshield Samara is implementing a comprehensive program of modernization of production in order to strengthen the competitive position of the enterprise on the Russian market of electrical equipment, which capacity is estimated at RUB150 bn. The joint investments of RDIF and Schneider Electric will contribute to the modernization of manufacturing process, development of new equipment, and improvement of customer service of Electroshield Samara.
The new investments contribute to the creation of competitive domestic equipment based on Electroshield Samara’s own research and development.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
«The creation of a joint venture for the development of Electroshield Samara is the next step towards strengthening cooperation with our French partners. Investments are aimed at creating new competitive domestic electrical equipment, introducing best production practices and realizing the export potential of the company's products».
Leonid Mukhamedov, Chief Strategy Officer, Schneider Electric, Chairman of the Board of Samara Electroshield, said:
“Our strategic partnership with the Russian Direct Investment Fund will allow Electroshield Samara to continue the production modernization, introduce technological innovations and expand the geography of its projects. Electroshield Samara will follow its strategy, and will be fulfilling all obligations to employees, partners, and customers”.
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Currently, RDIF has experience of the successful joint implementation of more than 70 projects with foreign partners totaling more than RUB1.5 tn and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 800,000 people and generate revenues which equate to more than 6% of Russia’s GDP. RDIF established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than $40 bn. Further information can be found at rdif.ru
Schneider Electric is leading the Digital Transformation of Energy Management and Automation in Homes, Buildings, Data Centers, Infrastructure and Industries. With global presence in over 100 countries, Schneider is the undisputable leader in Power Management – Medium Voltage, Low Voltage and Secure Power, and in Automation Systems. The company provides integrated efficiency solutions, combining energy, automation and software. In Schneider’s global Ecosystem, the company collaborates with the largest Partner, Integrator and Developer Community on its Open Platform to deliver real-time control and operational efficiency. Further information can be found at www.se.com/ww/en/
Electroshield Samara is a high-tech manufacturing company with a 76-year history and impeccable reputation. It is the largest Russian manufacturer of electrotechnical equipment in the 0.4—220 kV segment, namely: complete switchgears, modular solutions, complete transformer substations, and low-voltage switchgears and high-voltage equipment. The company is engaged in design, production, and supply of electrotechnical equipment, and provides installation and commissioning works, maintenance, warranty and out-of-warranty service, and customer training. The equipment produced under the brand of Electroshield Samara is applied in all industries, including: oil and gas, power generation, transmission and distribution networks, and mechanical engineering. The detailed information about the company and its products can be found on the site: www.electroshield.ru
For additional information contact:
Russian Direct Investment Fund
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
Andrew Leach / Maria Shiryaevskaya
Tel: +44 (0) 20 7796 4133