Report: Russia’s Magnit to invest 52 bln rbl in own production

MOSCOW, Feb 16 (PRIME) -- Russia’s largest retailer Magnit will invest over 50 billion rubles in its own production in the next few years, including 5 billion rubles in 2016, CEO Sergei Galitsky said in an interview to Rossiya 24 television channel broadcast Tuesday.

“We plan to invest about 52 billion rubles in our own production business in the next five or six years, but we will adjust it. This year the allocation is not too high, about 5 billion rubles, as it only includes initial investment in utility connections and so on. But the amount will be doubled from next year,” he said.

The company plans to grow champignons, produce household chemical goods, frozen semi-finished products and snacks. Prices for Magnit’s production will be relatively low due to high competition at the market.

(77.7792 rubles – U.S. $1)

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