Ministry of Industry and Trade will allocate 2.5 billion rubles for development of advanced high-speed helicopter - RUSSIAN AVIATION

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Ministry of Industry and Trade will allocate 2.5 billion rubles for development of advanced high-speed helicopter

Russian Aviaton » Wednesday March 27, 2013 09:19 MSK

Ministry of Industry and Trade will provide Russian Helicopters Holding Company with the financing in the amount of 2.5 billion rubles for carrying out the research and development works in the network of development of advanced high-speed helicopter, Voenno-promishlenniy courier reports.

According to the ministry, the parties have signed a state contract on March 22nd. According to the contract the scheduled completion date is November 2013. The Federal Anti-Monopoly Service (FAS) has approved the contract on March 20th 2013.

Russian Helicopters Holding Company was established in 2007. It comprises design bureaus, helicopter assembly plants, components production, maintenance and repair enterprises and helicopter service company providing after-sales support in Russia and abroad.

It was reported earlier that Russian Technologies State Corporation is considering the possibility of attracting a strategic investor for Russian Helicopters (part of Russian Technologies). Russian Helicopters did not rule out the possibility of holding an IPO in spring 2013; however the company decided to move it to autumn 2013.

Russian Helicopters first unveiled the plans of holding an IPO in 2011 in London. The company assessed itself at $1,8-2,4 billion prior to the IPO and planned to place its shares to the amount of $500 million or less ($250 million of which should have been placed in the network of additional issue).

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