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Vekselberg to Redevelop ZIL Plant
June 21, 2011 14:32

Viktor Vekselberg
Viktor Vekselberg, large Russian conglomerate, may invest about 3 billion dollars in a plant redevelopment. The concept involves changing the speciality of Likhachev's plant and rehousing. The plant occupies 275 acres, it is one of the largest places for construction in Moscow. 
Renovastroygrupp, the real estate development arm, owned by Viktor Vekselberg, is going to build up the territory of the Likhachev Plant in Moscow. "We plan to propose the city executive to develop this territory. In addition, our company is a member of the working group on preparation of technical specifications for developing the concept of ZIL's territory", said Veniamin Golubitsky, President of  "Renovastroygrupp". He added, that the company plans to build a research center based on medical and nano technologies. Depending on the agreements, from 500 to 700 thousand aquare meters of real estate can be constructed. According to Golubitsky's estimates, the investment could reach 3 billion dollars. He added, that this is the firs development project of Vekselberg in Moscow. 
In the period of the leadership of Yury Luzhkov, the investment climate in the city wasn't attractive, but the situation has changed and at this moment Moscow is a strategic point for the company, explained Golubitsky. 
The mayor's office knows about Renova's intentions. According to Leonid Bratkin, a spokesperson for the Deputy Mayor for Economic Policy Andrei Sharonov, "Renova is very interested in the project. Later, all the developers of the territory will be determined by the competition". The contest will take place after the decision of what to build on the territory is made. "This will be an area of innovation development. But what to build and how to conduct a zoning of the territiory issuses are still being discussed", according to Bratkin. 
According to one of the variants of the project, a university will be constructed on the territory of the plant. The officials don't want to make all the territory consisting of office buildings. A space for a living should be there. Manufacturing will remain on the territory, but it will occupy an area of about 30-40 hectares. 
ZIL is located in the South of Moscow. The plant produces trucks and buses. Till 1999, the plant had been producing limousines for top officials. About 64% of ZIL shares are controlled by the government of Moscow. In 2003, city authorities transferred the management of ZIL to the Moscow Motor Company, a subsidiary of the Center for Investment Projects and Programs. In 2011 the Motor Company was removed from ZIL due to poor production efficiency. At this moment the factory is unprofitable. At the end of 2010 the company had a debt to the Central Fuel Company of $ 600 million. Arrears of wages amounted to 200 million rubles. Officials accused ZIL's top management of embezzlement. The general director of ZIL Konstantin Laptev was removed from his position. Igor Zakharov from Izhavto was appointed in his place. 
City's Mayor actively encourages businessmen to the development of urban areas. Roman Abramovich is a co-investor of Gorky Park, Zaraha Ilieva and Goda Nisanova will be co-investors of Russian Exhibition Centre, the owner of Crocus Group Aras Agalarov will join the reconstruction of Sokolniki park. 

Author: Ksenia Dzhalagonia

Tags: Russian business Russian business men invest   

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