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VTB finances Defence Ministry contract

 
11 July 2013

VTB finances Defence Ministry contract.

VTB Bank will act as lender for a large Defence Ministry contract to purchase 156 PS-90A76 engines for the Il-76-MD-90A aircraft. The contract’s total value is RUB 33 billion.

The customer is United Aircraft Corporation and the supplier is United Engine Corporation. The loan will be issued to Perm Engine Company, a subsidiary of United Engine Corporation.

"Supporting Russian producers is strategically important aspect of VTB’s business," VTB Bank Management Board Member Valery Lukyanenko said at the contract signing ceremony. «I hope that cooperation with VTB will help Russian engine producers maintain their market positions and will contribute to the continued growth and development of their business."

For reference:

United Aircraft Corporation (UAC) was established by Executive Order No. 140 of the President of the Russian Federation, dated 20 February 2006, On the Joint Stock Company United Aircraft Corporation. UAC and its subsidiary companies specialise in the development, production, sale, maintenance, warranty and after-sales service, upgrading, repair, and utilisation of commercial and military aircraft equipment. United Engine Corporation (UEC) is an integrated company producing engines for military and commercial aircraft, space programmes, equipment of various capacity for generating electric and heat energy, gas pumping systems and marine gas-turbine units. UEC holds more than 85% of industry assets and is a subsidiary company of the United Industrial Corporation OBORONPROM.

Tags:
lending

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