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MOSCOW, September 20 (Itar-Tass) — Russia’s Silovye Mashiny and Japan’s Toshiba have signed an agreement to set up a joint venture on the construction of a power transformer plant on the territory of Russia.
The agreement was signed by the companies’ heads within the framework of the second meeting of the Russian-Japanese consultative council on modernization of Russia’s economy.
Silovye Mashiny will own a 50.01 percent stake in the joint venture, while Toshiba – a 49.99 percent stake.
The investments into the plant’s construction will exceed 5 billion rubles.
Director-general of Silovye Mashiny, Igor Kostin, said the plant will be built on the premises of the Russian enterprise in St. Petersburg and will be financed through own funds and borrowings.