The proposed loan will enable OJSC Autocrane (the “Company”) to finance the acquisition of other Russian heavy machinery manufacturer, to restructure the balance sheet of the Company and to finance its Capex programme. This operation will also allow the OJSC Autocrane to further strengthen its position on the Russian autocrane market and to enhance compliance of the Company with the Russian Corporate Governance Code.
The transition impact potential of the Project is derived primarily from strengthening OJSC Autocrane corporate governance standard and business practices with special regard to financial and organisational transparency.
The demonstration effect of successful restructuring is another potential transition benefit of the Project. The Company continues - in the context of this transaction - its own modernisation and restructuring process aimed at fostering competitiveness and energy efficiency while at the same time seeking to turn around the companies to be acquired in the near future. An important component of the restructuring process will be the adoption and implementation of an Environmental Action Plan to support the best environmental standards within the industry.
Through the above channels the Project is expected to set good examples for other companies in the sector and the region in need of further modernisation and improvements of their corporate governance and business standards.
Open Joint Stock Company “Autocrane” is a leading Russian machine building plant producing mobile cranes and slewing rings.
The EBRD will provide a senior loan for an amount of up to USD 40 mln to OJSC Autocrane, of which USD 10 million will be syndicated to commercial bank(s).
Total project will amount to approximately USD 40 million.
The project has been screened B/1 requiring an environmental audit of the Company's environmental policies, procedures and practices and site reviews of the production facilities. An independent consultant carried out this work and recommended to implement a time-bound Environmental Action Plan ("EAP"), which will be covenanted in the legal agreements. The Company will be required to provide the Bank with an annual environmental report on compliance status and the implementation of the EAP.
OJSC Autocrane, Ivanovo, str. Nekrasova, 61
For business opportunities or procurement, contact the client company.
EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Public Information Policy (PIP)
The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP
Project Complaint Mechanism (PCM)
The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.
Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (firstname.lastname@example.org) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.