The French company Alstom, one of the world's largest manufacturers of railway rolling stock, plans to sell its stake in Transmashholding (TMH), the largest manufacturer of locomotives and railway equipment in Russia, by the end of 2023.
The CFTS portal reported this, citing the Interfax news agency.
"By the end of the year. We are not disclosing this information," TMH’s CEO Kirill Lipa said when asked about the date and value of the deal to buy back 20% of TMH from Alstom.
The remaining 80% of TMH's parent company, Transmashholding Limited, is owned by Russian shareholders.
As previously reported, Alstom said in September 2022 that it retained a 20% stake in Transmashholding. However, the company added that "there is no business or operational relationship between Alstom and TMH, and there has not been for some time."
"This participation is only financial. Considering the current environment, Alstom is assessing all the available options regarding this investment. This process is ongoing," Alstom said at the time.
Alstom stopped all deliveries to Russia and suspended its planned investments in the country after the start of the Russian invasion of Ukraine.
The French manufacturer bought a 25% stake in the Electric Locomotive Assembly Plant (Kazakhstan) from TMH for EUR 14.5 million in 2022. KTZ (Kazakhstan Railways) owns a 25% stake in the plant.
