GAZ Group has secured a RUB5.8bn loan for its engine producing subsidiary Avtodiesel from Russian state-owned bank VEB.
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The loan is part of of an estimated RUB10bn investment the group is making in the division.
Russian media reports quoted Igor Kulgan, the director of GAZ Group’s powertrain division, as saying that the money will be used to create a new YaMZ engine model.
The project includes plans to build a new engine plant, news agency Prime-Tass said.
