Austrian construction company Strabag SE expanding its business in Russia will pay in the forth quarter of this year 70 million euros in advance for a 26% stake in Transstroy (included in the construction group of "Basic Element"). Strabag SE intends to conduct a study of indicators of Transstroy to determine the amount of final payment for the stake, the Basic Element said.
Strabag SE’s CEO Hans Peter Haselsteiner, commenting on the strategic motives of the decision, noted that the Russian market has great potential.
"By 2020 Russia will become one of the three largest markets for the Strabag Group. Acquisition of minority stake of Transstroy - and, therefore, to enter the Russian market of construction of transportation infrastructure - is the next step to achieve our goal," Mr. Haselsteiner said.
Basic Element is a diversified investment company with its main assets in energy, engineering, finance, construction and aviation industries. The company’s divisions manage assets and hold significant stakes in dozens of companies, including Rusal, GAZ Group, Transstroy and Ingosstrakh.
Transstroy - Russia's largest construction holding specializing in the implementation of integrated transport infrastructure projects throughout Russia and abroad.
Strabag SE’s CEO Hans Peter Haselsteiner, commenting on the strategic motives of the decision, noted that the Russian market has great potential.
"By 2020 Russia will become one of the three largest markets for the Strabag Group. Acquisition of minority stake of Transstroy - and, therefore, to enter the Russian market of construction of transportation infrastructure - is the next step to achieve our goal," Mr. Haselsteiner said.
Basic Element is a diversified investment company with its main assets in energy, engineering, finance, construction and aviation industries. The company’s divisions manage assets and hold significant stakes in dozens of companies, including Rusal, GAZ Group, Transstroy and Ingosstrakh.
Transstroy - Russia's largest construction holding specializing in the implementation of integrated transport infrastructure projects throughout Russia and abroad.