After completing two major exits in 2026, selling the TV channel Imedi (along with GDS) and later transferring control of Liberty Bank, businessman Irakli Rukhadze remains active in several large-scale industrial and telecom assets in Georgia. His remaining portfolio is concentrated in manufacturing, infrastructure-related production, and minority telecom holdings, mainly managed through his investment company Hunnewell Partners.
One of his most significant remaining assets is Georgian Cement (Kaspi cement plant), where Hunnewell Partners holds a 45.45% stake. The remaining 44.55% belongs to the Georgian Co-Investment Fund. The company is one of the largest cement producers in the country. According to its 2024 results, revenue increased by 17% to GEL 659 million, while net profit nearly doubled to GEL 189 million. The company’s total assets stand at around GEL 627 million. Georgian Cement is also planning a capacity expansion that would increase annual production to around 1.86 million tons, including clinker output growth at its Kaspi facility.
Rukhadze also owns Rustavi Steel, Georgia’s largest ferrous metallurgy producer, fully controlled through Hunnewell Partners. The company reported GEL 285 million in revenue in 2024, up 22% year-on-year, but remained in loss, posting a GEL 27.8 million deficit (after a larger loss of GEL 50.3 million in 2023). The company’s financial structure is heavily leveraged, with GEL 145 million in bank loans (TBC Bank and Bank of Georgia) and additional GEL 89 million in related-party financing, contributing to negative equity of GEL 55.9 million. Management has signaled a strategic shift toward higher-margin segments, including seamless pipe production, while potentially scaling down rebar production.
In the telecom sector, Rukhadze retains a minority stake in MagtiCom, Georgia’s largest mobile operator. His combined family and partner holdings amount to about 10%, with his personal share at 3%. Other related shareholders include family members and long-term business partners, while the majority of Magti remains under its primary controlling shareholders.
Alongside these holdings, Rukhadze has recently faced major financial and legal obligations linked to long-running international disputes over asset management. In 2025, his holding reportedly settled a $250 million legal case related to Recovery Partners, including compensation and legal expenses. This followed years of litigation in the UK courts concerning the management of assets linked to the Patarkatsishvili estate, a factor that is widely considered to have influenced his recent asset sales and portfolio restructuring.
