Tashkent, Uzbekistan, Dec. 23
By Demir Azizov- Trend:
The Uzbekistan Railways JSC plans to transfer more than $ 380 million in the next three years to implement 38 projects to build new production facilities at the Tashkent Mechanical Plant, the company's management told Trend Dec. 23.
The modern production of electrical products, consumer goods will be established at the enterprise.
The production of railway rolling stock is the largest project with an estimated value of $ 200 million.
In particular, it is planned to establish the annual production of 650 freight cement wagons, mineral wagons, flatcars, open railroad cars, 50 passenger cars, 300 refrigerated containers and sections, 500 containers, the production of various spare parts.
The projects will be financed through own funds of the railway company.
According to the government's decision, all projects implemented at the plant are exempt from land tax, property tax, mandatory contributions to the state funds.
The Chkalov Tashkent Aviation Production Association was renamed into the Tashkent Mechanical Plant JSC in 2013 after some failed attempts of the plant to integrate with the Russian aviation enterprises.
It was assumed that the company will mainly focus on the production of spare parts for agricultural machinery and consumer goods. The aircraft production was fully ceased.
The state share of the Tashkent Mechanical Plant in the amount of 81.52 percent was transferred to the authorized capital of the Uzbekistan Railways JSC upon the governmental decree in May 2015.
The National Bank for Foreign Economic Activity of Uzbekistan and the Ministry of Foreign Economic Relations, Investments and Trade of the Republic own 6.7 percent of shares at the plant. The rest shares belong to the labor staff.
As part of the privatization program, announced in Uzbekistan in April 2015, it is planned to sell 25.6 percent of the state share in the plant to a foreign investor.