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Spanish Company to Build Car Parts Plant in Tolyatti

The Economic Development Ministry on Wednesday approved plans by Spanish company CIEAutomotive to build a car-parts plant in the Samara region, with construction set to get under way in 2014.

It will be built in a special economic zone in the car-producing hub of Tolyatti and will require investments totaling 1.9 billion rubles ($58.8 million), Itar-Tass reported.

Production should start in the third quarter of 2015 and by 2017 the plant is expected to manufacture 6,500 tons of parts per year.

At first, CIEAutomotive will produce components for the AvtoVAZ-Renault-Nissan joint venture, but later it will establish business contacts with other car manufacturers, said Mikhail Trushko, head of state company Russian Special Economic Zones.

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