RDIF Leads Consortium in the Russian Tire Industry
The Russian Direct Investment Fund (RDIF), Titan International Inc. and One Equity Partners LLC have reached an agreement with Russian tire producer Cordiant to invest in Voltyre-Prom, a Russian agricultural and industrial tire manufacturer. To shed additional detail on the involved entities, Titan International Inc., is one of the world’s largest manufacturers of agricultural and industrial tires that makes them under the Titan and Goodyear brands. One Equity Partners is a subsidiary of JP Morgan Chase & Co that manages private equity investments.
This consortium will own a controlling stake in Voltyre-Prom with Titan International as the managing partner. Titan International is keen on growing their tire business in Russia and the Commonwealth of Independent State countries. The company is bullish on Russia’s burgeoning farming and mining industries.
Kirill Dmitriev, CEO of the RDIF, said, “RDIF completed this deal alongside world class strategic partners from both the global industrial and financial sectors. The involvement of investors of such scale underlines the growth prospects in the Russian agricultural sector. The expertise and knowledge of our partners will help shift the production of world-class tires that currently takes place overseas to Russia. This investment meets the fund’s objectives and represents an exciting opportunity to get a foothold in this sector.”
Planned Signing – General Electric MoU
The Russian Direct Investment Fund plans to sign a Memorandum of Understanding (MoU) with General Electric on June 21, 2013 to create a joint venture for the construction of mini power plants for Russian manufacturing companies. Autonomous electric power systems can help Russian companies meet some energy needs without the cost to build transmission lines.
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