Gazmetall
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06 August 2007 г. | 11:54
50 billion ruble for Gazmetall
VTB has begun spending $8 billion it raised in its IPO in May.
Russia’s second-largest bank VTB has decided to give a 7-year 50 billion ruble loan to Gazmetall, a company of the bank’s old client Alisher Usmanov.
Gazmetall is going to invest funds to modernize its facilities. The company’s shareholders are planning to spend more than $1 billon to build several new workshops at the Lebedinsky mining and processing enterprises, Gazmetall says on its official website. An equivalent amount of money is required for two other plants. $2 billion is needed to revamp shops and mills at Ural Steel.
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