Montenegro-based electric power distribution company Elektroprivreda Crne Gore (EPCG) will acquire Željezara Nikšić steel plant from Turkey-based steelmaker Tosçelik, a subsidiary of Tosyalı Holding, for €20 million, according to media reports.
The initial payment of €15 million will be made in January and the second payment of €5 million will be made by February 15 after EPCG takes over the plant.
EPCG plans to open a technology center at the plant, establishing a subsidiary called Željezara solar Nikšić, to support the solar power industry. The company also plans to produce solar panels in Nikšić.
