The Georgian government has extended KTW’s deadline to build a tourist service complex in Aragvispiri village, Dusheti Municipality, until December 31, 2029. The project was originally due for completion by the end of 2015.
In 2014, the government transferred 1,929 square metres of non-agricultural land and existing buildings to Kakhuri Traditional Winemaking (KTW) through a direct sale for GEL 6,500. The company was required to invest at least GEL 1 million, transfer 30 square metres of property to the state and provide commercial space for local residents to use for five years, with the first year free of charge.
Under the revised terms, KTW must submit an unconditional and irrevocable bank guarantee of at least GEL 115,000, valid until June 1, 2035, to secure its obligations and potential penalties for non-compliance.
The company must also pay GEL 16,440 to the state budget before signing the agreement amending the privatisation terms.
