Germany's HGL ready to invest EUR 500 million in KAP

(Photo: kap.me)

Germany's HGL Group, which expressed interest in Kombinat Aluminijuma Podgorica (Podgorica Aluminum Plant - KAP), has announced that it is ready to invest over EUR 500 million in that company in bankruptcy.

HGL representative Stefan Walter Predstavnik said that the money would be spent on KAP modernization.

- We would employ over 1,900 workers at KAP and Rudnici Boksita (Bauxite Mines) in the period prior to 2016, and we are now ready to take over KAP with 580 employees - said Walter.

As he told the media in Podgorica, there is one condition: the Montenegrin government is to secure an adapted price of electricity over the next five years, until they are able to provide electricity from their own sources.