VTB Branch in Nizhny Novgorod issued to JSC Nizhny Novgorod Aircraft Building Plant Sokol a RUB 2.6 billion credit line to be repaid by 31 December 2015.
The company will use the funds to perform a defense order under a state contract with the Russian Defense Ministry. The deal is secured by the Russian state guarantee.
Citing Valery Lukyanenko, a member of VTB Management Board, “JSC Nizhny Novgorod Aircraft Building Plant Sokol is one of our most promising customers in the region, and our cooperation is sure to continue developing.”
JSC Nizhny Novgorod Aircraft Building Plant Sokol is one of the oldest aircraft building companies of Russia with an 80-year experience in this sphere.
Presently, the company is a member of the Unified Aircraft Building Corporation and specializes in building the MiG Fighter family. Under the state defense order, the company is also engaged in maintaining and upgrading MiG-31 Fighters; and together with JSC Russian Aircraft Building Corporation MiG participates in the creation of MiG-29K/KUB and MiG-29M/M2.
The company also upgrades aircrafts in aviation units in order to improve design and enhance operational reliability, as well as guarantee and post-guarantee servicing of the aircrafts supplied earlier.
JSC VTB Bank and its subsidiary companies (VTB Group) is a leading Russian financial group offering a wide spectrum of banking services in Russia, the CIS, West Europe, Asia and Africa. The Russian Government represented by the Federal Property Management Agency is a major shareholder of JSC VTB Bank holding 75.5% of its share capital.