Baturina sold Verkhnebakansky cement plant to Novoroscement's owner

2011-11-14



Yelena Baturina, the former owner of the developer Inteco, has sold another asset – the Verkhnebakansky cement plant – to local businessman Lev Kvetnoy who already owns the Novoroscement cement plant. The Verkhnebakansky plant is being rebuilt at the moment, and after a new production line is put into operation its capacity will increase from 0.5 million to 2.3 million tonnes annually. The price for the asset is estimated at RUB 17bn (€425m), including the plant's debts.
Novoroscement is a cement company with the second largest total production capacity in Russia – 4 million tonnes per year in 2010 – after the giant Eurocement (19.4 million tonnes in 2010). The aforementioned acquisition will surely strengthen the company's position on the Russian cement market.
As Russian Construction Review reported on a previous occasions, Inteco has been acquired by Sberbank Investments which took a 5% stake in Inteco while Mikhail Shishkhanov – the owner of Binbank – bought the remainder. Mrs. Baturina allegedly received some $1-1.2bn (€730-880m) for the majority holding. The deal includes Inteco's debts, which, in early 2011, amounted to some $1.5bn (€1.1bn).