OREANDA-NEWS. May 21, 2014. VTB Bank has extended a two-year, RUB 750 million credit facility to Generation Industrial Group, a leading manufacturer and supplier of equipment for the mining and energy industries.

The borrower plans to use the loan to fulfil contractual obligations towards a major player in the Russian upstream segment. Generation Industrial Group also received RUB 657.5 million worth of bank guarantees, which will also be used to fulfil contractual obligations.

VTB has been Generation Industrial Group’s financial partner for more than 18 months, and previously provided the industrial group with a RUB 423 million loan.

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Generation Industrial Group is a leading manufacturer and supplier of a wide range of products for oil and gas and heat-and-power engineering industries in Russia and the CIS. The holding company comprises 29 enterprises.