The French-based Alstom company, one of the world's largest manufacturers of railway rolling stock, retains a “sleeper” 20% stake in CJSC Transmashholding (TMH), the largest manufacturer of locomotives and rail equipment in Russia.
TMH’s CEO Kirill Lipa stated this in an interview with Russia's RIA Novosti, the CFTS portal reports.
"Yes. It remains; 20%," Lipa said when asked whether Alstom remained a so-called "sleeper" shareholder.
However, Transmashholding has stopped producing the EP20 passenger electric locomotives - which it developed jointly with Alstom - because the French company has cut operational ties with the Russian company. Instead, Transmashholding plans to produce the allegedly fully Russian EP40 passenger electric locomotives, which could begin operating on the Russian Railways’ rail network in 2025.
"There are problems assembling [the EP20] because the traction system for it is from Alstom. Naturally, it has stopped all deliveries because traction systems are under sanctions," the head of Transmashholding said.
As reported previously, in response to a question from the EPP CFTS portal, Alstom said in September 2022 that it retained a 20% stake in Transmashholding. However, Alstom 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 10 months ago.
Alstom stopped all deliveries to Russia and suspended its planned investments after the launch 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.
