JP Morgan Chase-owned buyout firm One Equity Partners and US manufacturer Titan International have teamed up with the Kremlin-backed Russian Direct Investment Fund to acquire one of the country’s largest manufacturers of agricultural tyres, a transaction which comes during a period of lacklustre deal figures in Russia.

In a statement, RDIF - the $10bn private equity fund created by the Russian government to spur investment in the country - said it had agreed to acquire Voltyre-Prom, a producer of agricultural and industrial tyres.