Jizak Accumulator Plant to master accumulator production for automotive industry in 2011

Business Materials 19 January 2011 16:18 (UTC +04:00)

Uzbekistan, Tashkent, Jan. 19 / Trend D. Azizov /

The Jizak Accumulator Plant will put commission a battery line for the automotive industry in 2011. The project is included in the priority development program for 2011-2015.

The project cost is $9.5 million. It is planned to issue 50,000 calcium maintenance-free batteries at the initial stage in 2011. The company will reach the project capacity of 800,000 batteries per year by late 2013.

The project will be financed at the expense of the shareholders of Uzavtoprom, Asaka Bank, Combinat Markazi, and GM Uzbekistan.

The Jizak accumulator plant, with an authorized capital of 74.2 billion soum, was established in March on the basis of the Uzbek-U.S. joint venture UzEksayd, which was recognized as bankrupt by a Jizak economic court in 2009.

The plant's shares were placed among the enterprise's creditors in accordance with the payable amount.

The plant's major shareholder is Uzavtosanoat, which owns 79.69 percent of the shares. Asaka Bank owns 12.19 percent, Kombinat Markazi - 5.75 percent, and GM Uzbekistan - 1.9 percent.