OREANDA-NEWS. September 21, 2012. Basic Element, one of Russia's largest diversified industrial groups, has announced that Altera Investment Fund (Altera Investment Fund SICAV-SIF) has acquired 7.5% of the share capital of Russian Machines Corporation, part of Basic Element. As part of this agreement, Kirill Androsov, managing partner of Altera, has been appointed to the company’s Board of Directors.

One of Russian Machines’ major strategic objectives is to prepare for entry into the international capital markets, with a view to a possible IPO. This includes creating and delivering a new strategy, further developing the corporate governance system, and optimising the organisational structure in line with international best practice and investor expectations. It is anticipated that Altera Investment Fund will actively contribute its expertise in these areas.

Russian Machines Corporation actively expands its investor base with the new shareholders acting also as the company’s strategic partners. In 2010 Siegfried Wolf and Peter Koob, former executives at Canada’s Magna Corporation, became minority shareholders in Russian Machines with 12,5% of the share capital, and now actively engage in the company’s strategic development and growth. Their participation has helped to establish a number of partnerships with leading global producers, including General Motors, Volkswagen, Terex Corporation and Bosal, and contribute to 27% revenue growth between 2011 and 2010, amounting to revenue of RUR157 billion.