Rusnano to sell 20 subsidiaries, leave critically important firms

MOSCOW, Oct 20 (PRIME) -- Russian state nanotechnology company Rusnano plans to maintain control only over critically-important companies and sell 20 other subsidiaries, the company said in a statement on Thursday.

Rusnano will retain control over the companies in the machine-tool building, medicine, chemistry, oil and gas industry, lighting engineering, electronics, telecommunications, energy, transport, and public utilities sectors.

The list of companies that Rusnano will not sell includes Plakart, Virial, Optic Fiber Systems, RM Nanotech, Profotech, Russian Quartz, NEVZ-Ceramics, Novomet, ELVIS-NeoTech, Pharmsynthez, and some projects of the Rusnano-Sintez fund. The company prepared for sale 20 other subsidiaries, including the foreign ones and the alternative energy assets, Rusnano said.

On Wednesday, business daily Vedomosti reported citing a source close to Rusnano that the government was considering its liquidation because of its financial problems that the Western sanctions exacerbated.

Rusnano’s external borrowing exceeded 290 billion rubles in 2010–2022, and spending on debt servicing reached 133 billion rubles. The interest payments do not allow the company to improve its financial health. If Rusnano continues paying on schedule, debt should rise to 165 billion rubles, including 36 billion rubles of interest, in 2028, the company said, adding that it should reduce debt as fast as possible.

(61.5905 rubles – U.S. $1)

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