Azernews.Az

By Mirsaid Ibrahimzade

Local company Az Varvara will invest 12 million manats ($7.05 million) in the development of Varvara Baliq, a fish breeding company, the State Committee on Property Issues said in a message.

“The Committee received proposals from two investors, and after their assessment, it was decided to declare Az Varvara LLC the winner of the investment tender for the sale of 100 percent of the shares of Varvara Baliq. According to the presented investment program, the company has pledged to invest 12 million manats in the development of this enterprise,” reads the message.

The funds will be directed to the full reconstruction of the existing and construction of new ponds, the creation of a production area, as well as the reconstruction of the existing and construction of new pools.

Moreover, the funds will be used to carry out construction and repair work and restructure administrative buildings, update the water supply system and improve the territory. It is planned to grow small species of fish - sturgeon, bastard sturgeon and white sturgeon.

In the future, the plant will provide enterprises with raw materials necessary for the production of fish products and canned food.

The message emphasizes that as a result of investments, the plant will offer 150 new jobs.

The Varvara Baliq enterprise in the village of Varvara in the Yevlakh region was commissioned in 1956. Currently, the company employs 18 people.

The authorized capital of the company amounts to 3.018 million manats ($1.77 million).

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Mirsaid Ibrahimzade is AzerNews’ staff journalist, follow him on Twitter: @MirsaidIbrahim1

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