Renova Orgsintez and Khimprom, which is based in Novocheboksarsk, in the Volga Republic of Chuvashia, signed a long-term cooperation agreement in the spring of 2007 on assisting the expansion of production and product range.
Renova Orgsintez also agreed with Khimprom key shareholders on the priority right to purchase a controlling stake in the chemical plant.
"Renova Orgsintez, which has become the largest shareholder of the [Khimprom] enterprise after a series of deals, intends to develop the facility under its strategy of creating effective production chains between assets managed by the holding company," Renova said.
The asset management company also said the parties would not disclose the price of the deal under the earlier accords reached between them.
Renova Group, controlled by tycoon Viktor Vekselberg, is a stakeholder and strategic investor in leading Russian stand-alone and holding companies in the metallurgical, oil, machine engineering, mining, chemical, construction, housing, utilities and financial sectors.
