Azerbaijan announces investment competition to privatise electric motor plant

Business Materials 18 June 2012 14:42 (UTC +04:00)

Azerbaijan, Baku, June 18 / Trend, A.Akhundov /

The Azerbaijani State Property Committee has announced an investment competition to sell plant for production of electric motors and national consumption products of JSC Yeni BEMZ, the State Property Committee said in its Mulkiyyet official publication.

The competition is open to Azerbaijani physical and legal entities and foreign investors.

Applicants must submit an investment programme with proposals on applying new technologies, expanding a product range, restoring existing and creating new job opportunities, as well as the social provision of workers.

Applicants must also submit a bank guarantee for five per cent of the value of the investment proposal and the proposal to transfer 850,000 manat to the state budget.

The enterprise is located in the Str.Kondelen 3, in the Narimanov district in Baku.

The authorised capital of the enterprise which was established in 1947, is currently 3.2 million manat..

Documents and proposals are being accepted until July 16, 2012.

Proposals will be considered in the building of the State Committee from 11:00 am on July 18.

The official exchange rate is 0.7858 manat to $1 on June 18.