23 Oct '08
Belgorod-based agricultural company Razgulyay has announced it is halting investment projects worth $185m.
The firm said the ongoing financial crisis, and specifically the current interest rates on loans it took out to fund the moves, up from 14% to 18%, were behind the decision.
Among the shelved projects were plans to:
- Build five new grain elevators, purchase
- Purchase deepwater grain terminals in Novorossiysk and Tuapse, Krasnodar region.
- Undertake major overhauls at its ten sugar plans
The firm is the latest in a line of agricultural firms to shelve projects due to the ongoing crisis.
Marchmont reported earlier that three others - Russian Farms, Mosselprom and Miratorg - had also canceled plans.