Japan's Mitsui, RDIF invest in Russia-based Cotton Way
Japan's Mitsui & Co has teamed up with the Russian Direct Investment Fund (RDIF) to invest in Cotton Way, a commercial laundry and textile management company based in Moscow. The financial details of the transaction were not disclosed.
Cotton Way, which offers both professional laundry services and textile leasing, claims to be a market leader in its segment. The firm has around 12 manufacturing units and 30 warehouse complexes throughout Russia. and employs around 1500 people.
According to a release, Mitsui aims to improve the operation and management of Cotton Way by way of its experience and knowledge as well as introducing international best practices.
"Our business activities in Russia are already widely spread across sectors from natural resources to services," said Hiroshi Meguro, chief regional representative in CIS countries of Mitsui & Co. "We will continue seeking attractive and meaningful investment opportunities in Russia as part of our strong partnership with RDIF."
The transaction is the first to come via the Russian-Japanese Investment Platform (RJIP) established by RDIF alongside state corporation Vnesheconombank (VEB) and the Japan Bank for International Cooperation (JBIC) in 2013. The platform - to which both RDIF and JBIC have pledged up to $500 million - is intended to develop economic cooperation, trade and investment between Russia and Japan, as well as to promote investments of Japanese companies in Russia.
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