Renova going out of the greenhouse business

Renova Group intends to sell its Greenhouses of the Regions to the company Greenhouse.

In early 2019, Renova transferred a controlling interest in this company to Kompleksprom, a structure created and managed by Renova former top managers. The share of Renova in Greenhouses of the Regions decreased from 99.99% to 49%.

The company Greenhouse was established in 2016 and operates the greenhouses LipetskAgro and Yelets Vegetables (Lipetsk Region). The total area under their management exceeds 120 ha. The planned gross yield for the end of 2019 is 90 thousand tons. The products are sold under the Valley of Vegetables brand through five branches in Moscow, Saint Petersburg, Kazan, Chelyabinsk and Lipetsk.

Previously, Renova planned to build greenhouses in the Sverdlovsk Region, Perm Krai, Komi and Chuvashia with the investments estimated at 25 billion rubles (approximately $380 million).