Ukrainian auto producer ZAZ has secured a US$75m loan from Russian bank MDM.
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According to the company’s major shareholder UkrAvto, the loan is at an annual rate of 8.5%. Further details were not provided.
ZAZ is based in Zaporizhya and is joint owned by AvtoZAZ and the Swiss investment company Hirsch&Cie. UkrAvto is 81% owned by AvtoZAZ.
In April this year, ZAZ begun mass production of small passenger buses using chassis from India’s Tata Motors.
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