Tashir group to invest $90 million in Electric Networks of Armenia

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15.06.2018, 16:33

Tashir group of companies, owned by a Russia-based billionaire of Armenian origin Samvel Karapetyan, will invest $90 million in the modernization of Armenia’s power distribution company Electric Networks of Armenia, Russian TASS news agency reported.

Tashir group to invest $90 million in Electric Networks of Armenia

YEREVAN, June 15. /ARKA/. Tashir group of companies, owned by a Russia-based billionaire of Armenian origin Samvel Karapetyan, will invest $90 million in the modernization of Armenia’s power distribution company Electric Networks of Armenia, Russian TASS news agency reported.

Tashir acquired the utility from the Russian energy holding Inter RAO UES in September 2015 pledging to introduce international standards within five years and improve the management of the utility.

The new owner also committed to reducing technological losses of the company by at least 2%.

"The investor plans to invest about $90 million in the modernization of the electricity measuring system, repair and reconstruction of Armenia's power distribution networks," TASS reported.

Tashir group consists of about 200 companies, including more than 30 shopping malls and two dozen office buildings and hotels across Russia. According to the Russian edition of Forbes magazine, Samvel Karapetyan is one of the world’s richest Armenians. -0-

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