July 20, 2016, 18:49 / Business

Rusnano sells stake in Novomet

Rusnano a is looking for a buyer for a 30.76% stake in the oil engineering company Novomet (Perm) through an open tender, the state corporation said in statement . The minimum package price is RUB 7.5 billion.

Novomet Group of Companies specializes in the production of equipment for mechanized oil production, supervision and other services. The company's main products are electric centrifugal submersible pumping units. The company supplies products and provides services to oil companies in 15 countries. About 40% of the group's revenue in 2015 came from non-CIS countries, and in 2016 this share is planned to increase to 50%.

According to Rusnano, Novomet currently ranks second in market share in Russia (20%) and seventh in the world (2.3%) in the segment of mechanized oil production. At the end of 2015, Novomet’s revenue amounted to 19.5 billion rubles, which is 35% more than in 2014.

Rusnano entered the project in 2011, investing about 4 billion rubles. Novomet shareholders also include its co-founders, who own about 60% of the shares, as well as the Baring Vostok and Russia Partners funds.

The results of the competition for the sale of Rusnano's share in Novomet are scheduled to be announced on August 26.

Previously on the topic: “Our task is to build factories and raise national champions”