Azerbaijan, Baku, Nov. 29 / Trend /
Uzbekistan's stock company Uzavtosanoat has resumed talks with Daimler AG on the establishment a joint venture to produce large passenger buses on Mercedes-Benz chassis, CA-News reported.
No details were provided about terms of the venture.
The German Embassy in Uzbekistan said the project had not been stricken from a list of major investment projects slated for implementation in the country.
"We don't know the reasons why the partners cannot agree upon creating the JV," said the Embassy employee.
Uzavtosanoat and Mercedes-Benz Buses Central Asia a wholly owned Daimler AG subsidiary signed an agreement on setting up the bus JV in May 2010.
MB Central Asia joint venture was to operate as a limited liability company with charter capital of US $8 million. Uzavtosanoat was to own 49 percent of the company's statutory capital and Mercedes-Benz Buses Central Asia the rest 51 percent. The project price tag is $31 million.
The project was approved by a special resolution issued by Uzbek President Islam Karimov in June, 2010. The first buses were to roll off the production line in September 2010.
Edited by V. Zhavoronkova