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 the state company Rostec.
In a September letter to Putin, Rogozin said the plant was in dire straits, which was fraught with a failure to fulfill a defense order.
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. (Prime/Business World Magazine)
