Uralvagonzavod ramping up 2013 investment program financing 80%
YEKATERINBURG. July 11 (Interfax) - OJSC Scientific Production Corporation Uralvagonzavod (UVZ) is increasing financing for its 2013 investment program by 80% in comparison with the original plan to approximately 20 billion rubles.
"In 2013 I think they [investments] will be around 20 billion rubles. For next year we'll adjust the quantity of investments in line with our financial results," UVZ's General Director Oleg Siyenko told reporters on the sidelines of the 2013 Ural International Exhibition and Forum of Industry and Innovations (Innoprom) in Yekaterinburg on Thursday.
He added that UVZ's 2014 investment program "might be even larger than this year."
UVZ previously planned to invest 11.4 billion rubles in development this year, after investing 4.5 billion rubles in 2012.
UVZ is a multi-sector machine-building group, which produces around 100 types of equipment such as military hardware, road-building vehicles, all-metal gondola railcars, special-purpose railcars and railway tankers. Russia's Federal Property Agency (Rosimushchestvo) owns all of the company's shares.