RDIF and Schneider Electric complete investment in Electroshield Samara
Moscow, May 18, 2020 - 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 successfully 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.
RDIF and Schneider Electric have invested over RUB3 bn 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.
Major investments in an enterprise in the Samara region in the current difficult economic environment emphasize the attractiveness of the region as an investment destination both in Russia and internationally, as well as demonstrating the value of regional manufacturers and contributing to the socio-economic growth of the region.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund, said:
“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 our 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 Samara region’s economy.”
Dmitry Azarov, Governor of the Samara region, said:
“In 2019, the Samara region became a top-3 Russian region in terms of growth of investment attractiveness. We have investment sites that are unique to Russia, such as the Tolyatti and Chapaevsk priority development areas, the Tolyatti Special Economic Zone, private and state industrial parks, and the Zhigulevskaya Valley advanced technology park. Our region is the country’s absolute leader in terms of implementing investment projects via the PPP mechanism. In 2019, leading rating agencies such as S&P Global Ratings, Moody’s Investors Service and ACRA upgraded the region's credit rating. And even today, in this difficult period for the Russian and global economy, we continue to implement major investment projects. We work consistently to support our regional companies, as well as assisting them in preparing and submitting applications to federal funds, including RDIF, the Industrial Development Fund (IDF), the Monotown Development Fund and others.
Electroshield Samara is a company with almost 80 years of history, a highly professional team and cutting-edge developments in power engineering. 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.”
Johan Vanderplaetse, President of Schneider Electric in Russia and the CIS, Chairman of the Board of Electroshield Samara, noted:
“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 Russian Direct Investment Fund will enable Electroshield Samara to take a new qualitative step forward.”
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 80 projects with foreign partners totaling more than RUB1.8 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 has established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than $40 bn.
RDIF takes active steps to counteract COVID-19:
- RDIF and partners have launched the production of the unique Russian-Japanese EMG diagnostic system, which generates results in 30 minutes with an accuracy of more than 99.9% in both stationary and unmatched portable mini-laboratories. The Japan Bank for International Cooperation has joined the project through the Russia-Japan Investment Fund. Home-testing for coronavirus has been launched through the partnership with Yandex;
- RDIF and the ChemRar Group have produced the first batch of Favipiravir, a drug that has proven effective in the treatment of infected patients in China and in clinical trials in Russia. Preparations are currently underway for the industrial production of the drug;
- RDIF has launched a project to diagnose and detect pneumonia, including that caused by coronavirus, using CT scans combined with the Russian-UAE artificial intelligence (AI) technology developed jointly by Group 42 (G42), RDIF and Medscan Group;
- RDIF has provided support to the public in observing the lockdown restrictions and self-isolation regime, driving a several-fold increase in telemedicine consultations via the Doctis service, as well as in access and subscriptions to the ivi online media library, delivery of Elementaree meal kits and demand for products and services of other RDIF portfolio companies;
- RDIF was one of the initiators of the Alliance against coronavirus, which also includes the Russian Union of Industrialists and Entrepreneurs (RUIE), Yandex, Mail.ru Group and the Rossiya Segodnya international news agency. RDIF is actively involved in key initiatives and charity projects.
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 the largest Russian manufacturer of 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 Electroshield Samara brand is applied in all industries, including oil and gas, power generation, mechanical engineering and grids. Further information can be found at 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