Magna International plans to build a car parts production plant in St. Petersburg worth about $US50million, Maxim Sokolov, chairman of the city’s investment committee, told Prime-Tass.
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The company has applied to the city’s government for a 50-hectare land plot for the construction of the plant, he said, adding that it may be built in the Shushary industrial area where General Motors and Nissan Motor have recently announced plans for car assembly plants.
Both plants are expected to use components produced at the plant, construction of which is scheduled to start in 2007, Sokolov said.
