Russian Railways announced plans to sell 75% of one of Russia’s largest ballast producers, the First Non-Metallic Company (PNK) for $100 million, a senior vice-president of RZhD, Valeriy Reshetnikov said. “The stake will probably be offered at auction with a starting price not less than $100 billion,” RZhD currently controls 100% minus 1 share of PNK and will keep a 25% stake in the company, the core business of which is the production of ballast. Reshetnikov said PNK is the core supplier for RZhD. Read More
