15 Mar 2012 09:36

Hungary's Woodstock to invest 1.2 bln rubles in seed production in southern Russia

STAVROPOL. March 15 (Interfax) - Hungary's Woodstock Kft plans to invest 1.2 billion rubles in the construction of a plant in Stavropol Territory to produce seeds with high genetic value, the southern Russian region's Economic Development Ministry said in a statement.

The Russian-Hungarian joint venture is expected to be located near the town of Novoaleksandrovsk.

Stavropol Territory presented this project last September at the international Sochi-2011 investment forum. It was said at the time that such production facilities did not yet exist in Russia.

Woodstock Kft is a producer of seeds and wholesale trader of seeds and other agricultural commodities.