Source Pravda.Ru

Cheboksary Tractor Factory to Receive USD 100 Million of Investment in 2003

The Industrial Tractor company (Cheboksary, Republic of Chuvashia) is to receive USD 100 million of investment in 2003. This was announced by Sergei Kirienko, the Russian President's representative for the Volga District, on Friday, February 7, when opening the company's steel production facilities. According to the presidential representative's press office, Kirienko said that both the newly-launched production facilities and the future investment were a result of cooperation between Industrial Tractor and the Russian Railway Ministry.

According to the press office, the order placed by the Railway Ministry at Industrial Tractor is worth almost USD 1 billion. In order to win the order the factory had to set up production of new transport components for the railway network's rolling stock in the space of a few months. Russian Railway Minister Gennady Fadeev, who was also present at the launch of the steel production facilities, called this achievement 'a huge victory for the factory.'