Urals Industry Corp - Urals Polar renamed as Development Corp
YEKATERINBURG. Feb 21 (Interfax) - OJSC Urals Industry Corporation - Urals Polar has been officially renamed OJSC Development Corporation, the company said in a statement.
The necessary change was filed with the Unified State Register of Legal Entities on February 17
"The corporation's name change will not be followed by any changes in rights or obligations in relation to its counter-agents," the statement. No reformulation of agreements using the new corporate name will be required. In addition, the corporation's requisites and bank account details will not change.
The corporation's general director, Alexander Beletsky, earlier said that the company's rebranding has been untaken since the corporation does not plan to remain solely in engaged in the construction of infrastructure but, instead, intends to raise funds from foreign banks for the Russian economy. "This [construction of infrastructure soley] seriously slows down the corporation's development, partially in regards to profit posted," Beletsky said.
OJSC Urals Industry Corporation - Ural Polar is a management company for the implementation of the same-named project, which, for instance, foresees the exploration, study and development of subsoil fields, the construction of railway lines, and building of electricity facilities. The project has been included in Russia's development plan for the period until 2020.