Indorama to invest US$31m to expand capacities of its Uzbek plant

Tashkent, Uzbekistan (UzDaily.uz) -- Singapore’s Indorama Pte.Ltd will invest US$31 million to expand capacities of Indorama Kokand Textile in Uzbekistan.

In the result of the project implementation, Indorama Kokand Textile will additionally process 5,000 tonnes of cotton-fiber a year.

Currently, the joint venture processes 9,000 tonnes of cotton-fibre a year. By the end of 2013, the joint venture will process about 16,000-20,000 tonnes of cotton-fibre a year.

Uzbek-Singaporean joint venture Indorama Kokand Textile was founded in July 2011. Founders are Indorama Industry and National Bank of Uzbekistan for Foreign Economic Activity (NBU).

The charter capital of the venture is US$18 million. Singaporean company owns 76% in the venture, while NBU holds 24% stake.