Kenes Rakishev, Chairman of the Board of Directors of Fincraft Resources, signed a memorandum of understanding, as well as a shareholder agreement with the Indian holding Monnet Group on the establishment of a joint venture in Kazakhstan for the production of ferro-alloys. The company was named TB Alloys Kazakh Limited. It was confirmed by the Fincraft Resources press service.
The new plant is planned to be located in the industrial zone of the city of Taraz. The company has already started pre-design work. At the first stage, the planned capacity of the enterprise will be up to 50 thousand tons of ferro-silicon per year with a phased increase in capacity to 100 thousand tons.
“The implementation of the Fincraft Resources project together with Monnet Group will attract foreign investment into the economy of Kazakhstan, as well as create jobs in the city of Taraz. In accordance with the agreements reached, most of the investments in the project are provided by the Indian side, which indicates the investment attractiveness of the country’s economy and favorable conditions for foreign investors in Kazakhstan,” Kenes Rakishev, head of Fincraft Resources, explained.
In addition, the companies are discussing opportunities for cooperation in other sectors of the economy.
Monnet Group is a large diversified industrial holding company with interests in mining, steel production, ferro-alloy production, coal processing, energy, logistics, real estate, etc.
Kenes Rakishev is the majority shareholder of Fincraft Resources. He also owns Fincraft Group LLP, which operates in seven countries around the world.