The Russian government will spend 64 billion rubles to modernize Uralvagonzavod

13.09.2011 — News

SVERDLOVSK REGION.

Over the next few years the government of the Russian Federation will spend 64 billion rubles to develop the Uralvagonzavod research and production corporation. Prime Minister Vladimir Putin announced this during his visit to Nizhny Tagil, where the holding company is headquartered.

The corporation's press office told RusBusinessNews that the company plans to double its revenue by 2016, and modernizing its subsidiaries, the Chelyabinsk Tractor Factory Uraltrak and the Design Bureau of Transport Machinery (Omsk), is an important part of those plans.

Between January and June of 2011 the Uralvagonzavod corporation had revenues of almost 30 billion rubles, which is an increase of 39.4% over the first half of last year.