Government of the Russian Federation approved the purchase of 75% of RFP Group by a Japanese investor

On November 29, the Government Committee on Foreign Investments Control chaired by Mikhail Mishustin, Prime Minister of the Russian Federation, approved the sale of 75% of RFP Group, a timber industry group from the Far East, to Iida Group Holdings (Japan), as reported by RBC that quotes its own sources in the Government.

Under the terms of the deal, the Japanese company shall invest $150 million in building new wood processing facilities in the Far East over the next 5 years. The funds will also be used to expand and upgrade the current facilities at RFP Group’s plant in Amursk (Khabarovsk Region). Additionally, Iida Group Holdings undertakes to increase annual timber processing from 752,000 m³ (a forecast for 2021) to 1.7 million m³ by the end of 2026 and keep the jobs.