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MiG Corp to Become Private This Year
MiG Aircraft Construction Corp has been entered into the additional privatization program of 2007, RIA Novosti reported referring to the government’s news service.
As today’s MiG is a federal state-run unitary enterprise, its privatization will first require turning it into a joint stock company. Then, together with Sukhoi Co., MiG will merge into United Aircraft Construction Corporation. The additional privatization program also sets forth ten aircraft repair plants.
The privatization program of 2008-2010 that the government approved in mid.-April is expected to generate roughly 12 billion rubles for the federal budget. The list of auctioned facilities includes All-Russian Exhibition Center (VVTs), Lenfilm Film Factory, Tekhnopromexport. But the government will keep Svyazinvest, the majority stake in Aeroflot and in a number of biggest banks, oil and gas companies.
United Aircraft Construction Corp. was established in 2006 to improve efficiency of domestic plane-making.
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