Cash rich van maker GAZ Group is planning a 16bn rouble spend on investment projects over the next 18 months.

GAZ recorded a four-fold rise in net profit in 2011 to 8.5bn roubles (US$275m) as demand for vehicles in Russia accelerated.

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GAZ revenue was up 37% last year to 132.4 billion roubles, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased 64% to 13.97bn roubles, GAZ said.

The investment plans for the next 18 months are earmarked for production of the Gazel Next commercial vehicles, a new paint facility and vehicle production under contracts with VW, Daimler and GM.

See also: RUSSIA: GAZ to start VW Group production in December

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