South West | Industry, manufacturing

Razgulyay shelves $185m of investment projects

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.
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