Azerbaijani company to invest $40 million in modern sanatorium in Kislovodsk

Baku, April 8, AZERTAC Karat Holding Azerbaijani Group of Companies will invest $40 million in the building of a sanatorium in Kislovodsk, Russia. A trilateral agreement on intention was signed by Governor of Russia’s Stavropol region Vladimir Vladimirov, First Deputy Head of Kislovodsk Administration Maxim Nagornov and head of Karat Holding Azerbaijani Group of Companies Taleh Gasimov in Baku. The agreement provides for the implementation of an investment project for reconstruction of the “Akademichesky” sanatorium in Kislovodsk. The document assumes the creation of a modern health resort with a capacity of up to 450 accommodation places at the sanatorium, which has been abandoned since the 1990s. The projects required an estimated investment of 40 million US dollars. According to calculations, the project will create about 150 new jobs. The Azerbaijani company has already implemented a large investment project in Stavropol province.