State-owned stake in Tashkent Railcar Plant handed over to management linked to Russia’s Transmashholding

The Tashkent Railcar Construction and Repair Plant, a subsidiary of Uzbekistan Railways (Uzbekiston Temir Yullari), has been transferred to trust management, the Telegram channel KorpInfo reported.

According to the minutes of an extraordinary general meeting of shareholders held on March 28 (with a quorum of 90.02%), the Chairman of the Supervisory Board, Sharofiddin Kadirov, presented letters from the State Assets Management Agency and Transport Engineering Center, dated February 21, 2025, proposing new supervisory board candidates.

Kadirov also announced that the 90% stake in the plant’s authorized capital, previously owned by Uzbekistan Railways, had been transferred to the State Assets Management Agency, which in turn delegated the stake to Transport Engineering Center under a trust management agreement signed on January 21, 2025. It was also decided to cancel remuneration for supervisory board members.

The powers of the previous nine-member supervisory board were terminated early, and a new board was appointed, consisting of:

• Ilkhom Rustamovich Makhkamov – Minister of Transport
• Sharofiddin Takhirovich Kadirov – Chief Engineer at Uzbekistan Railways
• Murodjon Tolibjonovich Ismanaliev – Head of Department, Ministry of Transport
• Oktam Sharifovich Mukhammadiev – Chief Specialist, AUGA
• Alexander Yuryevich Chebakov – Representative of Transport Engineering Center (trustee)
• David Artyomovich Ovelyan – Representative of Transport Engineering Center
• Alexander Yevgenyevich Loshmanov – Representative of Transport Engineering Center
• Yegor Vasilievich Gulyaev – Representative of Transport Engineering Center
• Kirill Alekseyevich Lachugin – Representative of Transport Engineering Center

Additionally, eight members of the former board and Uzbekistan Railways were removed from the plant’s list of affiliated persons, while eight new members and Transport Engineering Center, as the holder of more than 20% of shares, were added.

Five of the new Transport Engineering Center representatives are Russian nationals. Some of them have ties to the Russian engineering conglomerate Transmashholding (TMH), which manufactures rolling stock for railway and urban rail transport.

For instance:

• Alexander Chebakov is a member of TMH’s management board (the parent company);
• Alexander Loshmanov is General Director of TMH – Passenger Transport;
• Yegor Gulyaev heads TMH Investments;
• Kirill Lachugin leads the Integrated Railcar Manufacturing Company, a TMH subsidiary.

On March 19, 2024, President Shavkat Mirziyoyev visited the Tashkent Railcar Construction and Repair Plant. Plans were discussed to produce new railcar models with wider compartments, as well as specialized wagons for the mining and metallurgical industries. A project to launch electric and metro train production at the plant was also presented to the president.