Azerbaijan, Baku, 17 October/ Trend , U. Ismayilova/ ISR Holding has been founded in 1995. The activities of the company cover oil and gas industry, transport, finance, services and industry.
Interview of well-known businessman Isgandar Khalilov, head of ISR Holding with Trend .
Question: It is known that EU and US offer governments to interfere with the solution of the financial crisis to a great extent. What impact can it have on the system of market economy?
Answer: It think it will have a positive impact. The governments plan to allot money to the companies in exchange of their stocks until they restore normal financial situation. It will help companies to continue work and develop their business. This is much better than bankruptcy. I may also ask Russian government for help if financial crisis hurts my business there.
Question: Has the financial crisis hurt your business?
Answer: The only sphere of my business hurt by the financial crisis to some degree is Toyota Center Baku where demand fell by almost 50%. If previously we were selling 100 cars, this figure has dropped to 45 to 50 now. I think the situation will normalize as soon as crediting related issues are addressed.
Question: In what stage are ISR Holding projects in Baku?
Answer: ISR Holding continues building Hilton hotel in Baku. About $140mln will be invested in this project. The hotel is expected to become operational in 2011. Hotel designed by the English Pubic Areas, will be 23-storied. There is no such hotel in Azerbaijan at present. Hilton hotel will offer the service itself and the prices will be fixed by them. We continue work on realization of project of iodine production plant. Then first production line has already been commissioned. The second phase of the project calls for commissioning two more lines. This is our second largest project in Azerbaijan. We expect EBRD credit to continue work within the second phase.
Question: Recently, ISR Holding obtained two insurance companies. You said that you were going to obtain two more. In what stage are talks with these companies?
Answer: Actually, today we have two insurance companies - Ateshgah and Kavkaz Sigorta. We plan to expand insurance business and buy two more companies the names of which I will not divulge in favor of their own interests. But talks with these companies have been suspended since owners of these companies have not yet made a final decision.
Question: On what new projects ISR Holding is working in Baku at present?
Answer: One of the large projects of ISR Holding is the designing new micro district - City Center in Heydar Aliyev avenue which requires $500mln-$600mln and only $200mln for the first phase of construction. City Center will include dwelling complex, school, kindergarten, outpatient department, trade center and other social facilities. We also plan IPO. We plan to distribute our shares in London exchange. We have completed transition to the international financial accountability standards and we are fully transparent in conduct of business. ISR Holding is one of the large tax-payers and pay taxes worth AZN 200mln annually.
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