The proposed project comprises supporting the further expansion of Lenta’s branded retail chain to the Russian regions. As part of the project the company will purchase land or usage rights for land, construction, equipping and start-up of several large format food retail stores in the Russian regions to be operated under the Lenta brand.
The Bank’s finance supports the further development of the Russian retail sector with improved access for the consumer to an efficient, competitive and hygienic shopping environment. The project also supports improvements in corporate governance and transparency as well as improved operational efficiency in a successful Russian company.
Lenta Group is one of the leading Russian food retailers operating a branded chain of large format discount stores.
USD 125 million equity, including a potential institutional investor participation.
USD 125 million.
The project has been screened C/1. Environmental due diligence was carried out on Lenta under the Lenta II project that was signed in October 2006. The due diligence covered Lenta’s approach to environmental, health, safety and labour management and compliance status. An Environmental Action Plan was agreed and covered such actions as the appointment of an Environmental Manager, the implementation of an Environmental Management System and the conducting of an environmental audit. For this equity project the Bank and Lenta have agreed that the schedule for appointing an environmental manager and the conducting of an audit will be brought forward and will be completed early 2007. The audit will identify any necessary actions to bring Lenta into compliance with Russian and EU regulations for environment, health and safety. These actions will be formulated into an action plan to be implemented by Lenta within an agreed timetable.
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