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FinancialNews
04-04-18
Iran, Azerbaijan launch joint car plant
(MENAFN) As part of boosting economic relations, Iranian President Hassan Rouhani and his Azeri counterpart Elham Aliyev launched KHAZAR car plant on the outskirts of Baku city in Neftchala via video conferencing.
The joint car plant of Iran Khodro and the private sector of the Republic of Azerbaijan, KHAZAR, aims at the annual production of 10,000 sedans in various models. However the total capacity of 50,000 sets per year with three working shifts is predicted for JV plant.
In the first stage at the plant equipped with modern machineries, the Dena family including Dena and Dena+ will be manufactured for the Republic of Azerbaijan's market.
It should be noted that in this JV inaugurated last week, the Azerbaijani side provided 75% of the shares and the share of Iran Khodro Industrial Group is 25% including technical and engineering services.
The plant, located in an area of 68,000 square meters, is constructed in the coastal city of Neftchala, near the Caspian Sea.
MENAFN0404201800450000ID1096692164
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