Consolidating a fragmented industry can be a good idea and has worked to a greater or lesser extent in the past. The problem is that the government is usually too far behind the curve to make the best decisions and a good example would be some of the nationalisations that happened in the UK.
However, in Russia, it is about redistributing the assets privatised in the early nineties. The privatisations were a "fire-sale" in which only a favoured few could take part, however subsequently, the shares traded on a secondary market and became assets belonging to pension funds and the like. Unfortunately, in the early nineties, when Putin and his backers (the so-called Siloviki) came to power, they discovered there was nothing new to privatise so they took some companies back such as Yukos. On the smaller scale, many companies found themselves forced with new directors who had relationships with the Siloviki.
Either way, by undermining corporate governance and the protection of property, the government has made it far more difficult for a normal financial infrastructure to exist.