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Daewoo takes over Uzbekistan cotton mill
13
Mar '08
Daewoo International, one of the leading chaebols of Korea has announced that, it is taking over a textile mill in Uzbekistan.

Daewoo is taking over Bukharatex, one of the leading cotton mills in Uzbekistan and is investing roughly $47.5 million for the purpose.

The agreement in principle was reached during the recent visit of the Uzbekistan President Mr. Islam Karimov to Seoul. The agreement was signed by the President and CEO Mr. Kan Young Won & Mr. Karimov, and was given due approval by the board of directors.

The decision to take over Bukharatex has been taken after taking in to consideration of the successful management of two other mills run by the company. Daewoo International is currently running Daewoo Textile Company and Daewoo Textile Fergana.

The investment will be used to ramp up existing production capacity and Daewoo foresees a turnover exceeding $35 million. This takeover will turn the company in to one of the biggest textile groups in Uzbekistan.

Along with the investments in the textile industry in Uzbekistan, Daewoo also has recently signed an agreement to develop mines with UNG which is a state owned energy company.

Fibre2fashion News Desk - India

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