Russian, UAE Sovereign Wealth Funds Agree to Co-Invest in Hygiene Product Brand ZetTek
MOSCOW, April 9 (Sputnik) - Russia's sovereign wealth fund RDIF announced on Friday a deal with the United Arab Emirates' fund Mubadala on joint investment in Russian personal care brand ZetTek, citing high demand for antiseptic goods.
"Investments made by RDIF and partners will enable the company to increase its production volumes and meet the growing needs of the Russian market," RDIF chief executive Kirill Dmitriev said in a statement.
Dmitriev said ZetTek was a leading Russian manufacturer of a wide range of hygiene and antiseptic products.
"The coronavirus pandemic has led to a significant increase in demand for hygiene and antiseptic products," he said.
ZetTek produces wet wipes, soap, fabric cosmetic face masks and detergents of European quality, and has an R&D lab. Its factories have a capacity of 1.5 million units a day.