AGREEMENT ON TRANSFER OF «NAIRIT» ARMENIAN ENTERPRISE FOR MANAGEMENT REACHED

PanARMENIAN.Net - Today in Yerevan the agreement on the transfer of 98 % of shares of one of the industrial giants of Armenia, «Nairit-1»chemical enterprise, for management for three years to British-Indian «Ranstat group» company was signed. The document was signed by Armenia's minister of trade and industry Ashot Shahnazarian and «Ranstat Group» President Anil Kumar. The agreement stipulates the right of the company to privatize the enterprise after the management term expires. The Indian Company undertakes to invest $ 25 mln and meet the $ 4.5 mln debts of the enterprise. The investor also undertakes to increase the volume of the production of chloroprene rubber to 25 thousand tons per year. (In 2001 the factory produced 4 thousand tons)