Cabinet of Ministers Determined the Destiny of Turboatom
OREANDA-NEWS. On 7 February 2008 was announced, that in the middle of January, the Cabinet of Ministers determined the destiny of Turboatom. The government removed the state owned shares from Ukratomprom's management and sent them to the State Property Fund (SPF).
One of the most realistic future owners of TATM is Russia's Power Machines controlled by Vladimir Potanin. He needs TATM will for two reasons: the first is that the Russian Federation has adopted a project to increase its energy capacity by three times by the end of 2010 and Power Machines currently does not have the potential to cope with the state's project. The second is that TATM competes with Power Machines on domestic and foreign markets and its acquisition will solve the problem. The other probable future owner of TATM is Konstantin Grigorishin. His company is currently the largest minority shareholder. According to SPF estimates, the TATM's value is about USD 250mn.
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