Lebedi LLC, which produces rice, came under the control of persons associated with the Tavros agricultural holding.

The Tavros agricultural holding of Rustem Mirgalimov, operating in the markets of meat, sugar, sweets and eggs, is entering a new industry. Structures associated with the group received shares in the Lebedi company, which grows and processes rice in southern Russia. The asset is attractive primarily because of its rice export potential, despite current restrictions on the export of products, experts say.

Lebedi LLC, which produces rice, came under the control of persons who are associated in the market with the Tavros agricultural holding, follows from the Unified State Register of Legal Entities. At the end of October, Agricultural Asset Management LLC received 49% each in Lebedi LLC and Lebedi-Agro LLC, and Denis Mayorov, the general director and owner of the latter, received another 2% each. Alexander Shiyanov owns 49% each in Lebedi and Lebedi-Agro. Representatives of Tavros and Swans did not provide comments.

Tavros manages 117 thousand hectares of agricultural land, produces meat, sugar, and confectionery. The main assets are located in Bashkiria. Recently, the holding structures have been investing in the production of edible eggs (see “Kommersant” dated October 6). In the Tavros profile on the HeadHunter portal, among the assets is the Bashkirskaya poultry farm, which Agricultural Asset Management acquired from the Cherkizovo group in 2022. And in August 2023, a feed plant and a pig-breeding complex in Bashkiria, which Agricultural Asset Management had previously received from the Exima holding, were transferred to Tavros. More than 80% of Tavros Management Company is owned by Rustem Mirgalimov, and Alfa Bank received another 19.01% at the end of June. In October, a 19% share was transferred to the closed mutual fund Agro Capital, managed by Alfa Capital.

“Swans,” according to the company’s website, operates a rice factory in the Krasnodar region, capable of processing 36 thousand tons of raw rice per year with the prospect of doubling this figure. Lebedi-Agro is engaged in rice growing in the Astrakhan region. For the summer of 2022, according to the press service of the regional governor, the company has sown 4.5 thousand hectares of rice, this year it should increase the area to 7 thousand hectares, and in the future – to 10 thousand hectares. In June 2023, the government of Kalmykia also announced Lebedi-Agro’s plans to invest 14.3 billion rubles. in the cultivation of rice on 10 thousand hectares in the region and the production of cereals.

For Tavros, rice production may become a new direction, although Rustem Mirgalimov himself is familiar with this business. Previously, he was a co-owner and chairman of the board of directors of the Razgulay agricultural holding, which was one of the main rice producers in the country. Investment banker Ilya Shumov notes that, given the sale of only 51% of shares, most likely the transaction was partially in the form of cash-in, and the money will also be used for the development of Lebedi LLC. General Director of the Institute for Agricultural Market Studies Dmitry Rylko says that a new investor can help “package” the business to increase efficiency.

The cereal produced by Lebedi is available on b2b platforms in 25 kg bags, including under the Lebedi by Sushi brand, aimed at Asian restaurants. The founder of the Meat & Fish chain, Sergei Mironov, says that the supply of rice for restaurants in this segment is sufficient, and the main supplies come from Asian countries. Sovecon director Andrey Sizov notes that Lebedi does not have the scale to invest in retail brands, and the Russian market is occupied by strong players. According to NielsenIQ, in January-September 2023, rice sales decreased year-on-year by 8.4% in volume terms and by 4.4% in money terms. The dynamics may be affected by the rush demand for cereals in the spring of 2022. Deputy Chairman of the Board of Rusprodsoyuz Dmitry Leonov says that in the wholesale segment, rice now costs an average of 66.5 rubles. for 1 kg. Over the month, prices increased by 3.1%, over the year – by 8%, he calculated.

Ilya Shumov notes that the attractiveness of the investment is mainly due to the high potential for rice exports, despite restrictions on the export of the crop from Russia until the end of 2023. Exports of rice and cereals are limited with the exception of supplies to the EAEU countries, Abkhazia and South Ossetia. Dmitry Rylko points out that rice has risen in price noticeably around the world after India limited supplies, and demand in countries neighboring Russia remains high.

Anatoly Kostyrev