PRESS: Putin orders to mull transfer of Uralvagonzavod to Rostec

MOSCOW, Oct 5 (PRIME) -- Russian President Vladimir Putin has ordered the Industry and Trade and Economic Development ministries to work on proposal by Deputy Prime Minister Dmitry Rogozin to replace management of railway equipment and tank maker Uralvagonzavod and transfer it to state company Rostec, Vedomosti business daily reported Wednesday.

In a September letter to Putin, Rogozin said the plant was in dire straits, which is fraught with a failure to fulfill a defense order.

Rogozin could not be reached for comment.

Vedomosti also said that Uralvagonzavod’s net debt amounted to 276 billion rubles as of late June, while the company’s revenue amounted to only 43.1 billion rubles in January–June.

(62.4323 rubles – U.S. $1)

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