St. Petersburg, 30 January 2012. Russia’s Prime Minister Vladimir Putin and President of the ICT Group of Companies Alexander Nesis launched today production at the Tikhvin Freight Car Building Plant.
This plant has been constructed by the ICT Group of Companies with the participation of the Eurasian Development Bank (EDB) and Russia’s Vnesheconombank. In 2008-2010 the EDB and Vnesheconombank provided $660m ($330m each) for eight years to construct the plant and purchase equipment.
“This innovative project to launch serial production of new-generation freight cars will promote the advancement of the CIS’ transport sector and help improve the efficiency of rail traffic in the region,” Igor Finogenov, Chairman of the EDB Executive Board, said. “By strengthening the common transport space of the CIS countries and increasing Russian exports to the region, the project will deepen economic integration between Russia and the EurAsEC and CIS countries.”
According to the EDB’s head, this is one of Europe’s largest industrial projects in mechanical engineering in terms of investments (over $1.2bn). The plant uses cutting-edge engineering and design solutions and world-class technologies. The high level of automation and low power consumption ensure high energy efficiency and labour productivity which is three times higher the industry’s average.
Additional Information
The ICT Group of Companies is one of Russia’s largest private equity investment and industrial holdings. It manages assets in the area of finance, precious metal production, mechanical engineering for the transport sector, industrial engineering, and commercial and industrial development. The assets currently managed by the Group include Polimetall, NOMOS-BANK, Khanty-Mansi Bank, and the Tikhvin Freight Car Building Plant.The Group also owns large stocks in Uralkali, Baltiyskiy Lizing and other companies.
https://www.ict-group.ru
