Who can take over the Japan Tobacco (JTI) business? A representative of the Federal Asset Management Agency explained to Knowledge that the company's specifications are "limited" information. There are at least five stock companies with the name "Industrial Assets," according to SPARK. One of them was registered in the Leningrad region in 2018 and is related to the textile business of the entrepreneur Timuraz Bulov. According to the explanatory note to the financial statements for the year 2025, the company owns 100% of the BTK Group, and its CEO Mikhail Voghrov previously served on the board of BTK Development. Bulov is the former president of Baltica. In 2023, he again headed the brewing company after its Russian assets were transferred to the interim management of the Federal Asset Management Agency. At the end of 2024, the business was transferred to VG Invest. In September of this year, another JSC "Industrial Assets" was registered in Moscow with an authorized capital of 100 thousand rubles. Its main activity is asset management. There is no confirmation that any of the listed companies have gained control of JTI's Russian business. maximum | Telegram | Newsletter | iOS app | android.