A company created on Russian investments hasabandoned its plans to invest in  Georgia. The Russian company "Vinograd" which planned to construct a grape-processing plant  in Georgia and invest  USD  10 million in the project sold the sharesin the company.

 The Coordinating Center for International Investmentoffered the Russian company to sell the company’s shares, on what they have received consent. 
 According to Director of the  Coordinating Center of International Investment George Seturidze, today "Vinograd" is 100 percent Georgian company owned by the  Coordinating Center of International Investment.

 In Seturidze’s words,  the deal was concluded  a few months ago. At this stage a location of the plant and the amount of investment is unknown. Seturidze notes  the plant will be built  in eastern Georgia. 

 The Coordinating Center of  International Investment  states that the company plans to build a grape- processing plant. 

Seturidze adds that design works  will begin only when the land registration is completed.

 Russian company “Vinograd '' set up on the basis of the two wine companies in Georgia had to  finish the project of large grape-processing plant  in the fall.  Giorgi Seturidze says that during the visit it will become known on the basis of which two companies the processing plant will be opened. "Vinograd" company based in the Russian capital  has already begun the design of one plant, and in total three enterprises are planned to be built. We are talking about a 10 million USD investment.

 In the first stage  the Russian investor had to invest  USD 5 million while  the project's total cost was approximately USD  10 million.

Source:commersant.ge