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Indian Group Buys Uzbek Textile Plant

July 24, 2006 -- Pro-government Uzbek media today report that India's Spentex Industries has bought one of Uzbekistan's largest textile plants, the Tashkent-Toytepa-Tekstil joint-stock company, from the state for $81 million.

The press-uz-info website quotes an official with Uzbekistan's National Bank for Foreign Economic Activity as saying an agreement to that effect was signed on July 22. The official reportedly said the deal must be endorsed by Tashkent-Toytepa-Tekstil shareholders before coming into force.

Uzbek President Islam Karimov on July 17 signed an order listing some 1,200 government-owned plants and companies to be entirely or partially privatized within three years.

The list includes 121 strategically important companies that cannot be privatized without the consent of a state tender commission. They include the Uzbekneftegaz oil and gas company, the Ozbekiston Havo Yullari air carrier, the Uzagrosugurta insurance company, and the Chkalov aviation plant in Tashkent.


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