Moscow-headquartered Russian Financial Corporation (RFC), engaged in shipbuilding and engineering, plans to buy up to six shipyards this year, RFC Chairman Andey Kiselev said on Tuesday, the Economic Times reported. RFC, which is the owner of three shipyards in Russia, seeks to attract more private investors to fund expansion and modernization of its shipbuilding assets.
RFC plans to consolidate the shipyards into one company, because the only way to prosper in the Russian shipbuilding industry is to control at least two-thirds of the market, Mr. Kiselev said, adding the company has no plans to sell the consolidated shipbuilding business in an initial public offering.
RFC plans to consolidate the shipyards into one company, because the only way to prosper in the Russian shipbuilding industry is to control at least two-thirds of the market, Mr. Kiselev said, adding the company has no plans to sell the consolidated shipbuilding business in an initial public offering.