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The Ministry of Economy was involved in the sale of Rustavi Azot

13.01.23 14:00
Joint-stock corporation "Rustavis Azoti", which is one of the largest enterprises of fertilizers and chemicals in Georgia was sold. JSC EU Investments, the owner of 100% of Rustavi Azoti, sold Azoti to the Singapore-based corporation Indorama. The value of the deal is unknown.

Today, the Ministry of Economy also made a statement regarding the entry of a new investor into the country. According to the release, the agency "Enterprise in Georgia" was actively involved in the transaction process. The release also states that Indorama plans to make new investments and increase production in the country.

According to Mikheil Khidureli, the director of "Enterprise in Georgia", this investment will be one of the largest in Georgia. According to him, the corporation plans to invest significant financial resources to modernize and expand the capacity of chemical plant.

"Indorama" is one of the largest conglomerates in the, which produces mineral fertilizers, industrial chemicals and various products. The corporation owns more than 160 enterprises in 38 countries of the world, including in Europe, Asia, Africa, North and Latin America, and employs more than 45,000 people.

The main products of the corporation are nitrogen and phosphate fertilizers; plastics; textile; cotton; spandex and polyester fabrics.

The chairman of Indorama's supervisory board is Indian billionaire Sri Prakash Lohia, whose fortune is estimated by Forbes at USD 7.8 billion. His brother Alok Lohia is also on the list of billionaires, whose fortune is estimated by Forbes at USD 2.4 billion.

The annual revenues of Indorama itself exceed USD 14 billion.

As for Rustavi Azot, the company's 2020 financial report is currently public, according to which the company's income was GEL 344 million.