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Spanish Windar has sold a stake in a joint venture with Russian Severstal

Photo: windar-renovables.com

According to the state register, Severstal owns 100% of the shares of New Solutions and Technologies held since April 8.

Russian steel manufacturer Severstal acquired an LLC company New solutions and technologies, which controls a majority stake in the joint venture previously owned by Spanish firm Windar Renovables. Reuters wrote this on Tuesday, April 16.

The Spanish company is investigating the possibility of selling its 51% stake in the joint venture Severstal from March 2023. Windar Renovables exited the joint venture in December 2023.

According to the state registry, Severstal owns 100% of the holding’s shares since April 8.

Windar entered the Russian market in 2018, creating a joint venture with Severstal and a state nanotechnology company Russian for the production of steel towers for wind turbines. In 2021 Severstal bought the share Russianincreasing itself to 49%.

New solutions and technologies in Taganrog can produce up to 150 towers per year.

It was previously reported that the Kremlin continues to confiscate large enterprises of the Russian economy with subsequent nationalization or transfer to the control of businessmen close to the government. So, President Vladimir Putin signed a decree transferring the company’s assets under state control Agroterraone of the top 15 largest landowners in the country.

The number of billionaires in Russia has risen to a record level
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Source: korrespondent

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