VTB Bank has issued a RUB 6.296 billion guarantee to the Nizhny Novgorod TV set plant, NITEL, valid until 31 December 2015.
VTB guarantees will enable the company to complete its production plans, which are part of the state armaments programme until 2015 approved by the president and the government.
«NITEL is a fast growing business which manufactures sophisticated equipment, almost unique in the world. We are very pleased that our cooperation is contributing to strengthening Russia’s defence potential and to social stability in the region. I am confident that VTB will make every effort to ensure that NITEL keeps its position as a market leader.»
Deputy President and Chairman of the Management Board of VTB Bank
The Nizhny Novgorod TV set plant NITEL is one of the oldest radio engineering companies in Russia. Today it is one of the largest radio electronic industry facilities in the Nizhny Novgorod Region. The plant is steadily increasing production and preparing for commercial production of innovative radar stations for the defence programme. As well as supplying
All the radar stations produced by the plant use very