Russian meat group Cherkizovo has signed a deal to build a RUB45.7bn (US$1.5bn) pork and poultry processing facility.
The deal remains subject to government support for the project, a spokesperson for the group told just-food today (1 June).
The agreement was struck with the Russian Agricultural Ministry and the Lipetsk regional administration but the level of government financial support is yet to be determined.
“Should government and regional funding support be agreed, the facility’s scheduled production capacity, including existing capacity will be 230,000 tons of live-weight of poultry and 250,000 tons of live-weight pork a year,” the spokesperson told just-food.
Cherkizovo’s spokesperson said the facility would help meet increasing domestic demand for meat products.
The investment cycle is expected to be 6.5 years, the spokesperson said.