Uzbekistan establishes two joint ventures

Business Materials 12 September 2011 16:42

Uzbekistan, Tashkent, Sept. 12 / Trend D. Azizov /

"Uzavtosanoat" company has established two joint ventures with Korean companies to produce auto parts worth more than $ 50 million, a source in governmental circles told Trend.

"Uz Auto-Austem" JV with a design capacity of 900,000 wheel rims and 124,000 units of chassis per year was established by "Uzavtosanoat" and Austem Company on an equal footing with the authorized capital of $8.6 million. The project costs $ 31 million.

"Uzerae climate control" JV producing radiators, air conditioning, ventilation and heating system was established with the authorized fund worth $7 million. "Uzavtosanoat" has 57 percent, "Avtosanoat invest" (Uzavtosanoat's subsidiary) - 3 percent, Korean Erae cs company - 40 percent.

The plant's capacity is designed to produce 250,000 auto parts per year. The project cost is more than $ 20 million.