GM and Uzavtoprom have completed the creation of their joint venture to produce automobile engines in Uzbekistan’s Tashkent region.
GM holds a 52% stake in the joint venture, called GM Powertrain Uzbekistan, while Uzavtoprom holds a 48% stake. The companies signed an agreement to set up the joint venture in December 2008. The joint venture’s charter capital amounts to US$100m.
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Car-making GM Uzbekistan was set up last year. GM holds 25% plus one share in the joint venture and has an option to increase its stake in the company to 40%. Uzavtoprom holds the remaining 75%.
