Indorama invests additional US$31m into Indorama Kokand Textile
04/12/2013 11:49
Indorama invests additional US$31m into Indorama Kokand Textile
04/12/2013 11:49
Tashkent, Uzbekistan (UzDaily.com) -- Singapore’s Indorama Industry Pte Ltd additionally invested US$31 million into textile capacities on the base of Kokand Textile Combine, RIA Novosti reported quoting representative of Uzbekyengilsanoat state joint stock company.
Within the additional agreement with the Government of Uzbekistan, signed in the end of 2012, Indorama Industry invested the sum to increase processing capacities twice – to 20,000 tonnes of cotton-fibre a year.
In September 2011, Indorama Industry has launched the enterprise on processing 10,000 tonnes of cotton fibre and production of 7,200 tonnes of compact yarn a year in Kokand. The project cost was US$44 million. Currently, the volume of investments of the Singaporean companies reached US$75 million.
Uzbek-Singaporean joint venture Indorama Kokand Textile was founded in July 2011. Founders are Indorama Industry and National Bank of Uzbekistan for Foreign Economic Activity (NBU).
The charter capital of the venture is US$18 million. Singaporean company owns 76% in the venture, while NBU holds 24% stake.
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