Lithuanian company contracted to build Ramenskoe airport

Russia has chosen a Lithuanian company to build Moscow’s fourth airport, which will be located at the base of the Ramenskoe military airfield by mid 2015

Russia has chosen a Lithuanian company to build Moscow’s fourth airport, which will be located at the base of the Ramenskoe military airfield by mid 2015.

The state cooperation Rostekh and its daughter company TVK Rossiya choose Avia Solutions Group, a Lithuanian aviation holding, as the investor for this project.

Avia Solutions Groups has promised to complete the work by summer 2015. According to the estimations of Avia Solutions Group, the pay back period will be approximately 7 years. The government will contribute 9.4 billion rubles ($285 million), while the company is expected to invest the first 1 billion rubles ($30.3 million) by spring 2014.

Avia Solutions Group is ready to pay about 22 million rubles ($667,500) for land rentals. The company is ready to start paying dividends from the third quarter of 2015 by paying 13 million rubles ($395,000), which by 2020 will be about 800 million rubles ($24 million).

Kommersant reported that an important indicator for the state corporation was the amount of rent and dividends. The detailed study of the company's business plan and construction schedule will commence in the first quarter of 2014.

Avia Solutions Group manages the airport of Vilnius. It comprises 17 enterprises, providing infrastructures and services to airlines; maintenance and repair of aircrafts; and crew training. The company carried out an IPO on the Warsaw Stock Exchange in 2011. The main shareholder was the Lithuanian company ZIA Valda Cyprus with 32.9 percent of the shares.

The company’s subsidiary, Baltic Ground Services, works in the airports in Poland, Italy, Ukraine and Lithuania. From 2011, the company has been involved in the maintenance and repairing of aircrafts in the special economic zone of the Ulyanovsk port.

First published in Russian in Kommersant

All rights reserved by Rossiyskaya Gazeta.

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