Damate announces RUB 15.5 bn investment in capacity expansion
According to Agro Investor, the company's total investment in the current project for the entire period of its implementation will amount to 41 billion rubles (over 600 million euros).
Rosselkhozbank, the Russian Agricultural Bank, has announced that it has issued a soft loan to Damate of 14 billion rubbles at an interest rate of 5% after it has received approval from the Rusian Ministry of Agriculture, according to a press release.
Damate's project will expand over a period of two years. According to Rosselkhozbank, the company will build additional turkey breeding and feeding areas and new production lines will be installed at the poultry processing plant, increasing its annual capacity.
In addition, Damate plans to purchase technological transport and additional land. As a result of the expansion of the production capacity, more than 2,000 new jobs will be created.
In 2016, Damate produced 60.8 thousand tons of turkey in slaughter weight. Now the company is completing the project of expanding the production capacity up to 110 thousand tons per year. As expected, production will grow in 2018, the total investment at this stage will be 25.6 billion rubles.
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