Tashir Group set to purchase Electric Network Armenia.
Tashir Group and the Russian holding company Inter RAO have signed an agreement of sale and purchase of electric energy assets in Armenia. The deal, already approved by the Armenian Government, will be finalized by the Public Service Regulatory Commission (PSRC). The parties have agreed that Electric Networks of Armenia (ENA) and Hrazdan Thermal Power Plant, also owned by Inter RAO, will continue to meet all obligations and commitments.
“Tashir Group takes full responsibility for the management of CJSC Electric Networks of Armenia,” said the president of Tashir Group, Samvel Karapetyan according to Armenpress.
Karapetyan also mentioned that future plans include implementation of an anti-crisis program to optimize the financial performance of the company and raise control over its financial and economic activity. Gradual modernization of the distribution networks will also be realized.
On a parity basis with the Government of Armenia, the Tashir Group will cover part of the electricity costs of the general public and small businesses for the whole of 2015, compensating the difference between rates before and after indexation on August 1, 2015.
Samvel Karapetyan, president of Tashir Group.
”While the assets were in our ownership, Inter RAO Group implemented international best business practices, invested in the development of the Armenian utilities sector, and ran an optimization and cost control programme, resulting in improved operational efficiency of the assets,” announced Boris Kovalchuk, Chairman of the Management Board of Inter RAO. “We agreed with Tashir Group to close the deal on terms that reflect the fair value of the assets. This approach will enable both parties to secure maximum economic benefit.”
Inter RAO Group is a diversified energy holding company serving various segments of Russian and international electric power industry. The Group is the leading exporter and importer of electricity in Russia, actively increasing electricity generation and sales, and developing new lines of business.
The Russia-based Tashir group of companies, owned by Armenian businessman Samvel Karapetyan, is included in the top 200 private companies list issued by Forbes Russia. The company is ranked 32nd with an income of 77 billion RUB. It has over 45,000 employees and covers 60 cities of Russia and neighboring countries. According to Forbes, Karapetyan’s worth in February 2015 was $4 billion making him the richest Armenian in the world.
