Russian billionaire businesswoman Yelena Baturina has sold the Verkhnebakansky cement plant to businessman Lev Kvetnoi, owner of cement producer Novoroscement, for around RUB17bn, business daily Vedomosti reported on Tuesday citing a source close to one side of the deal.

The cement plant is expected initially to be operated by the previous management, which took obligations to finish the construction of an additional production line at the plant. The modernisation of the facility is slated to be completed by the end of 2011, after which the facility’s capacity is projected to increase to 2.3Mta from around 500,000tpa currently.
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