Russia's state-controlled energy company Inter RAO, which has been sanctioned by the European Union, owns 75.47% of Georgia's TELASI Group, while the remaining 24.52% is held by Georgian businessman Khvicha Makatsaria through his investment companies.
Following Georgia's electricity market reform in 2020, TELASI Group was split into two companies - TELASI and TELMICO. The majority stake in both is owned by the Netherlands-registered Silk Road Holdings B.V., which is controlled by Inter RAO. Makatsaria owns his shares through Best Energy Group in TELASI and Energy Company LLC in TELMICO. He acquired the minority stake from the state-owned Partnership Fund in 2020 for GEL 32 million.
According to the companies' audited 2025 financial statements, TELASI reported a net profit of GEL 76 million, while TELMICO posted a net loss of GEL 53.7 million.
Neither TELASI nor Makatsaria's holding company has commented on the implications of the EU sanctions. The Georgian government has also not yet responded to questions about whether it could apply a mechanism similar to the one used in 2022, when the state acquired a 7.73% stake in IDS Borjomi International following sanctions imposed on Russian oligarch Mikhail Fridman to help stabilize the company.
