JSC “Qazaqstan Investment Corporation” has successfully completed its participation in the LLP “IL-TOV” project

JSC “Qazaqstan Investment Corporation” (QIC, a subsidiary of JSC “NIH “Baiterek”) announces the successful exit of a private equity fund managed by LLP “BV Management” from the project of LLP “IL-TOV”.

The project represents the first high-tech enterprise in Kazakhstan and Central Asia for the production of ready-to-eat frozen convenience foods. The project was financed in the form of a mezzanine loan totaling KZT 2.2 billion.

The Fund’s investments were provided to the company in December 2022 in the form of mezzanine financing and were directed toward construction and installation works, as well as the purchase of modern technological equipment. The implementation of the project has made a significant contribution to strengthening the country’s food security and the development of the food industry of the Republic of Kazakhstan.

The enterprise produces a wide range of products, including cutlets, schnitzels, meatballs, strips, and nuggets, all fully ready for consumption and shock-frozen, meeting modern market requirements and consumer demand.

The raw material base for production is supplied by LLP “Makinsk Poultry Farm,” previously financed by JSC “Qazaqstan Investment Corporation,” ensuring a high level of localization, transparency of the supply chain, and sustainability of the production model.

As part of the project implementation, significant socio-economic results have been achieved: 143 new jobs have been created, and the total volume of tax revenues to the budget has exceeded KZT 328 million. Since attracting financing, LLP “IL-TOV” has demonstrated steady growth in production volumes and financial performance.

In the future, the enterprise plans to increase its production capacity to 10 -12 thousand tons per year, which will significantly reduce import dependency and strengthen the position of domestic producers in the local market. 

The IL-TOV project has become a clear example of effective partnership between the state and business and has confirmed the key role of long-term investment financing in the development of Kazakhstan’s food industry. 

For reference:

Qazaqstan Investment Corporation JSC is a fund of private equity funds established in 2007. Its main mission is to promote sustainable economic growth in Kazakhstan by attracting direct investment and supporting projects that contribute to the modernization and competitiveness of key industries. It is a subsidiary of Baiterek NIH JSC. Additional information can be found at https://qic.kz/ 

BV Management LLP is a management company and a subsidiary of Qazaqstan Investment Corporation JSC that invests in fast-growing and innovative companies implementing projects in priority sectors of Kazakhstan's economy.