Henan Sine to invest US80m to textile plant in Andijan
04/12/2013 11:57
Henan Sine to invest US80m to textile plant in Andijan
04/12/2013 11:57
Tashkent, Uzbekistan (UzDaily.com) -- China’s Henan Sine invested US$80 million into textile production in Andijan region in 2014-2016 to purchase part of assets of bankrupt Bobur open joint stock company, newspaper Noviy Vek reported citing representative of Uzbekyengilsanoat state joint stock company.
Within the first stage (2014) the investors will create capacities on production of cotton yarn at the volume of 10,000 tonnes a year. In the second stage (2015-2016), it is planned to commission capacities on production of cotton fabrics with the volume of 36 million meters a year.
About 80% of products will be directed to exports, the source said to newspaper.
Bobur open joint stock company was commissioned in 1982 and it is one of the largest textile companies in Ferghana regions. The designed capacity of the plant is 10,000 tonnesof cotton yarn and 50 million meters of cotton fabrics. In 2007, the plant was announced as bankrupt and put for sale in October of the same year.
In 2009, Turkey’s Mimatas Tekstil purchased assets of Bobur with announced investments for US$75 million. But, the enterprise was announced as bankrupt in early 2011. According to official data, the Turkish firm cannot execute its obligations on payments for purchased assets and make investments.
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