January 31 (SeeNews) - Serbia's Zrenjanin city council said it has approved the sale of 90 hectares of land to Chinese company Shandong Linglong for the construction of a tyre factory.
The land is located in the southeastern industrial zone of Zrenjanin, the city government said in a statement on Wednesday.
You can subscribe to our M&A newsletter here
The decision moves Zrenjanin a step closer to the construction of a tyre factory by the Chinese investor, city mayor Cedomir Janjic said.
In August, Shandong Linglong said it plans to invest $994.4 million (865.2 million euro) in the construction of a tyre factory in Zrenjanin. Construction works are planned to start in April 2019 and will be carried out in three phases, with the last one to be completed in March 2025.
Zrenjanin is located in Serbia's northern autonomous province of Vojvodina, near the railway line linking Belgrade to Budapest. The Serbian government carries out a major overhaul of the railway line with Chinese funding, in order to allow the high-speed circulation of trains along the route.
($ = 0.870034 euro)