OAO Pipe Metallurgical Company (TMK) and Rosnano State Corporation launched a joint venture in Kamensk-Uralsky, Sverdlovsk Region. The new company will deal in precision stainless pipes manufacturing. The launching ceremony was attended by Rosnano’s top executive Anatoly Chubais, RIA Novosti reports.

The project will require a total of 3.7 billion RUR worth of investments, with 1.3 billion RUR to be contributed by Rosnano. TMK now owns 51% of the company’s shares; Rosnano has a 49% shareholding in the business.