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MOSCOW, October 9 (Itar-Tass) - An expert Council of the Russian Ministry for Economic Development has approved a project on Wednesday on the construction of a plant for production of auto components. The plant will be built in Togliatti in the Samara region by the Spanish company CIE Automotive, head of the "Russian special economic zones" state company Mikhail Trushko told Itar-Tass. The investments into the project will be totally worth 1.9 billion roubles, Trushko said.
The plant, which will produce aluminum parts for car engines, will be built in the special economic zone in Togliatti.
The construction of the plant will be launched in the first quarter of 2014; in the third quarter of 2015 the plant is scheduled to launch production, subsequently increasing production volumes to 6,500 tons per year by 2017.
At present, Togliatti has been creating a cluster of producers of auto components, represented by companies of Germany and Japan, which will be the biggest in Russia, Trushko said. The overall volume of the declared investments contributed by residents of the special economic zone, including the CIE Automotive, exceeds 16. 3 billion roubles, Trushko said.
The Spanish CIE Automotive is world known supplier of auto components to the biggest world car producers - Renault, Ford, GM, Fiat. The CIE Automotive owns a network of plants and research centers in Europe, Brazil, Mexico and China.