29 Jun 2022 12:13

VEB fund to lend Haier 250 mln rubles for refrigerator factory in Tatarstan

KAZAN. June 29 (Interfax) - VEB Group's Monocities Development Fund will provide an interest-free loan of 250 million rubles to Haier Industry Rus LLC, the Russian division of China's Haier Group, for the construction of a factory to manufacture refrigerators and freezers at a total cost of 4.5 billion rubles, the fund reported on its website.

The new factory in Naberezhnye Chelny, Tatarstan with a total area of more than 34,000 square meters will produce vertical freezer equipment, chest freezers and refrigerators. The factory will have capacity to produce 500,000 units of equipment per year and create 800 jobs.

"Haier is currently continuing to carry out the planned investment program in Russia. Receiving the loan will make it possible to carry out construction and installation work on the new project envisioned by the investment program on time," Haier Industry Rus CEO Sun Zhenhua was quoted as saying in the statement.

Haier began building the factory in June 2021. Investment in the project was estimated at 5 billion rubles at the time, with design capacity of 1 million units per year. The factory was scheduled to open in the second quarter of 2022.

This will be Haier's fourth factory in Russia. The company opened its first enterprise in Russia, a refrigerator factory, in April 2016, also in Tatarstan. The company opened a washing machine factory and a television factory in 2019.