Russian businessman eyes Gazprombank's stake in Elga coal project

Credit: REUTERS/MAXIM ZMEYEV

A-property group, controlled by Russian businessman Albert Avdolyan, has requested approval from Russia's antimonopoly service to buy a 49% stake in the Elga coal project from Gazprombank, the group said on Friday.

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MOSCOW, Aug 23 (Reuters) - A-property group, controlled by Russian businessman Albert Avdolyan, has requested approval from Russia's antimonopoly service to buy a 49% stake in the Elga coal project from Gazprombank GZPRI.MM, the group said on Friday.

The request was originally reported by Vedomosti newspaper. Representatives of A-property group and Russia's antimonopoly service confirmed the request when contacted by Reuters.

"The bank considered and is considering Elga as an investment asset. Investors have been interested in buying a stake in Elga for a number of months. As of now, an offer has been received from one of them," Gazprombank told Reuters.

The bank did not disclose the terms of the possible deal but said that they were beneficial for the bank.

Russian coal and steel producer Mechel MTLR.MM, which owns the remaining stake in the Elga project, declined to comment.

(Reporting by Anastasia Lyrchikova and Gabrielle Tétrault-Farber; writing by Polina Devitt; editing by Jane Merriman)

((Polina.Devitt@thomsonreuters.com; +7 495 775 12 42; Reuters Messaging: polina.devitt.reuters.com@reuters.net))

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