Financial holding company in partnership with EMZ Myasishchev in the development of M-101T Gzhel and other programmes

Published: 1/11/2000

Kaskol, a shipbuilding, mechanical engineering and aerospace holding company, has emerged as a partner for the development of programmes with the EMZ Myasishchev, the Moscow-based design bureau. Details of the deal are sketchy, but are believed to involve the conversion of facilities to civil applications and the development and serial production of two of the bureau"s projects: the single engined M-101T Gzhel and the JV with India"s National Aerospace Laboratories (NAL), for the twin turboprop multipurpose transport M-102 Duet-Saras. The latter project was regarded as defunct as a joint venture until November 1999, due to Myasishchev"s inability to meet its 50% funding of the development, which led to its withdrawal in 1997. It was, however, reported to be ongoing by both sides and it appears that meetings held with India in early December 1999, may have rejunevated proceedings. An M-101T was recently loaned to Central African Airways, under an agreement reached at a Cairo exhibition and the company plans to make a number of demonstration flights in the region, including Rwanda, Libya and Algeria. It intends to use their acceptance of Russian certification, which should occur later this year, in order to win sales of the aircraft. Kaskol has also undertaken to assist in the marketing of the M-55 Geophysica high altitude reconnaissance aircraft, which has recently found leasing interest from Western scientific interests for high altitude atmospheric research and which has recently received an order from the Russian MoD for completion of an airframe, unfinished since the programme was terminated in 1994. According to Sergei Nedoroslev, General Director of Kaskol, the intention is to provide Myasishev with long-term support. Chief Designer, Valery Novikov, says the support will allow Myasishev to cut its development time for new aircraft by 50% and will also lower the dependence on state financing. ZAO GK Kaskol, a close joint stock company - GK stands for Group of Companies - was founded in September 1999, after the reorganisation of a previous company, called GK Kaskol, formed in 1988. It has interests in a number of companies, including Sokol and Rosvertol, the helicopter producer. In addition to a wide variety of other interests across shipbuilding and heavy engineering, the company is reported to be the owner of Titan Cargo, which operated out of Ulyanovsk, but is reported to be no longer operating and as having sold its two An-124-100s to UK carrier, Heavy Lift. Shareholders in the company are said to include Sokol, based in Nizhni Novgorod, which also builds the Ghzel. The company has recently been involved in the contentious acquisition of the Duckatsky Mine in Magadan, where it paid $12 m for the mine"s assets. The deal is considered to be suspect by the competing bidder, Canadian Pan-American Silver, which holds the licence for exploration over the land of the bankrupt silver mining company. As a result, there has been a good deal of mud slinging, with the Canadians crying foul, having been outbid and, therefore, in danger of losing the licence when it expires.

Article ID: 1297