Russian state corporation Rostec and officials of the government are in talks with the Mubadala foundation from the United Arab Emirates about selling the stake in the Russian Helicopters, head of Rostec Sergey Chemezov told TASS. The Russian Helicopters company is part of state hi-tech corporation Rostec.
“We held talks with Mubadala. Recently Industry and Trade Minister Denis Manturov was on a business trip in the UAE, met them and discussed this topic,” Chemezov said. Earlier Chemezov told TASS that Rostec plans to sell a 49% stake in Russian Helicopters.
The corporation plans to maintain the control over the company after the sale of the stake.
Earlier this month, Industry and Trade Minister Denis Manturov said that the stake may be sold already this year. According to him, Rostec plans either to the whole stake to a strategic investor in Russia or to sell 25% to a foreign investor.
According to Chemezov, the Russian Direct Investments Fund (RDIF), which is a partner of Mubadala, may take part in the deal.
In June 2013, RDIF and Mubadala set up a joint fund worth $2 bln, which has already invested in 13 companies sand projects.
Russian Helicopters is the sole Russian rotorcraft designer and manufacturer with the capability to design, manufacture, service and test modern civilian and military helicopters. The company includes design bureaus, helicopter assembly plants, components production, maintenance and repair enterprises, aircraft repair plants, and helicopter service companies providing after-sales support in Russia and abroad. The company accounts for about 35% and 50% of the global market of combat and medium military transport helicopters.
UAE is a large export market for Russian armaments. Over the last ten years the volume of exports exceeded $1 bln.
