Iskander Makhmudov, born in 1963 in Bukhara, maintains an extensive industrial portfolio centered on the Russian metallurgy and transport sectors. Since shifting from state-affiliated trade roles in the late 1980s to private enterprise in the 1990s, he has built a significant business presence through strategic asset acquisition and collaborative partnerships across various infrastructure-heavy industries.
Early Career and Trade
Makhmudov graduated from the Tashkent University of Information Technologies and the National University of Uzbekistan in 1984 with a focus on history and literature. By 1985, he began working for the Principal Engineering Directorate of the Ministry of Foreign Trade, later completing assignments in Libya and Iraq. During the late 1980s, he joined the state enterprise Uzbekintorg, facilitating the exchange of chemical and metallurgical goods.
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Moving to Moscow in 1991, Makhmudov joined Trans Commodities and later Trans-World Group. By 1994, he directed his attention toward copper mining. Partnering with Michael Cherney, he acquired several metal firms, most notably Uralelektromed in 1999. This asset formed the foundation of the Ural Mining and Metallurgical Company. In 2002, he purchased Cherney's remaining shares, establishing UMMC as the second-largest copper producer in Russia.
Infrastructure and Transport Interests
Beyond metallurgy, Makhmudov expanded into transport and logistics. He holds a 17.5% stake in Aeroexpress, the rail operator connecting Moscow to its major airports. In 2012, he and partner Andrei Bokarev purchased a 13% stake in Transoil, a significant transporter of oil products. Furthermore, their firm, Moscow Passenger Company, acquired a 50% interest in the Central Suburban Passenger Company, which handles over half of all suburban rail traffic in Russia.
Transmashholding and Engineering
Makhmudov maintains a partial interest in Transmashholding, the largest manufacturer of rail and subway rolling stock in Russia, operating plants in Tver, Bryansk, and St. Petersburg. The company’s portfolio includes locomotive production and maintenance via Zheldorremmash. In 2012, the French firm Alstom acquired a blocking stake in Transmashholding for $422 million, and the organization entered a memorandum of understanding with the Skolhovo Foundation for technical research.
Fast facts
- Born: 1963, Bukhara
- Citizenship: Russia
- Core Asset: Ural Mining and Metallurgical Company
- Net Worth: USD 9.41 billion (as of 25 May 2021)
- Education: Tashkent University of Information Technologies
- Decorations: Order 'For Merit to the Fatherland', 4th class
Questions readers ask
What is the primary output of Makhmudov's UMMC?
It is the second-largest producer of copper in Russia.
Which major transport companies does he influence?
He holds interests in Aeroexpress, the Central Suburban Passenger Company, and the freight rail operator Transoil.
Achievements
- Medal of the Order "For Merit to the Fatherland", 2nd class without swords
- Holdings: Ural Mining and Metallurgical Company, Aeroexpress and Predator
- Educated at Tashkent University of Information Technologies and National University of Uzbekistan named after Mirzo Ulugbek
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