OREANDA-NEWS. On 20 May 2008 was announced, that IES Holding won the competition for the acquisition of the 9,645,890,000 state-owned shares of OJSC Volzhskaya Generating Company (TGC-7). After the payment is made, IES Holding will take possession of the shares. As a result, IES will consolidate a stake in TGC-7 far bigger than the majority stake.

In February 2008, the Federal Antimonopoly Service approved the request filed by IES to acquire 100% of voting shares of TGC-7.

At present, IES is negotiating with OJSC Gazprom on joint ownership of the TGC-7 capital. "The negotiations are going well, but to say that they may be successfully closed and some agreements have been reached would be premature at the moment", said Mikhail Slobodin, IES Holding President.

Volzhskaya TGC is the second largest territorial generating company in Russia in terms of capacity. It comprises 21 power plants with a total electrical capacity of 6,879.7 MW and total thermal capacity of 30,687.2 Gcal. The plants are located in advanced industrialized regions with such big industrial centers as Togliatti, Samara, Saratov, Orenburg. IES Holding already owns some assets of TGC-7. It acquired full stake (100% shares) in Orenburgenergosbyt at an auction in May 2007.