The main shareholder of Taleon group, Alexander Yebralidze, said Wednesday that he will launch a large-scale production facility in Russia that will earn significant stakes on foreign markets.

The manufacturing venture will run independently of St. Petersburg-based Taleon group’s core real estate business, Yebralidze said at a briefing.

“[Currently] we are involved in investment projects of national importance. And one of the most urgent industries in Russia is production and raw material processing,” Yebralidze said.

Taleon did not specify the specification of the venture or plant location, saying only that it is built in a central region of Russia and is currently having equipment installed at the site. The plant will start production by fall 2006, Yebralidze said.

Yebralidze said he expects the plant’s output to control two thirds of the European and about 10 percent of American markets. A pool of top Russian banks have provided financial assistance for the venture, he said.

News source: times.spb.ru
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