The Uralvagonzavod corporation will increase its charter capital by 1.2 billion rubles

26.01.2012 — News

MOSCOW.

On February 2, 2012, the Board of Directors of the Uralvagonzavod Research and Production Corporation, OJSC, will consider increasing the public company's charter capital by 1.2 billion rubles.

UVZ's press office told RusBusinessNews that the issue will be payable to the state, as part of the federal program to develop the country's military-industrial complex. According to data from May of 2011, 39,652 billion rubles of the corporation's charter capital was held by the government.

The funds will be used to for the technical upgrading of the corporation's businesses, in particular, ChTZ-Uraltrak - Europe's largest manufacturer of industrial tractors. There are plans to invest up to 15 billion rubles between 2011-2013 in the modernization of this production facility belonging to Uralvagonzavod.