Bursel to open $44 m textile plant in Uzbekistan
Interfax
October 22Âursel Textile Industry, set up by the Uzbek joint venture Bursel-Tashkent, will open a plant to make knitwear products for $44 million in Churchik, Tashkent region, by the end of 2004, a source in Bursel's representation in Uzbekistan said.
The finishing work of balancing and commissioning is going on at the plant and the first products are expected to be received in November 2004.
The plant has a projected capacity of 5,000 tones of knitting fibers and 56 million units of knitwear products, a year. The launch of the plant will create 1,200 new jobs. All of the plants production will be exported.
The European Bank for Reconstruction and Development has financed $13 million for the project, $19.5 million from the joint venture's charter capital and with Bursel's own resources.
Bursel-Tashkent is one of the first private companies in Uzbekistan that processes cotton fiber.
Bursel Textile Industry owns 94 percent of the company. Its Uzbek founders are Uzbeklegprom and the administration of Tashkent region.