Indorma to invest US$20m to textile production in Uzbekistan
24/12/2013 15:07
Indorma to invest US$20m to textile production in Uzbekistan
24/12/2013 15:07
Tashkent, Uzbekistan (UzDaily.com) -- Indorama Industry Pte ltd (Singapore) will additionally invest US$20 million to textile capacities on the base of Qoand Textile Combine in 2014-2015.
The project was included to investment programme of Uzbekistan for 2014. The resources will be directed at expanding capacities on production- by 12,000 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.
Indorama Industry Pte Ltd additionally invested US$31 million into textile capacities of the joint venture. Currently, its capacities make up 20,000 tonnes of cotton-fibre and production of 7,200 tonnes of compact yarn a year. Total volume of investments into the project makes up US$75 million.
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