Businessman Narek Nalbandyan has acquired the Hrazdan cement plant, which has been idle for years. Information about the deal was published on the Facebook page of the Eighty Eight hotel complex, which he owns.
“A new stage of development is beginning for the plant. A large-scale investment program is planned to be launched as soon as possible. Under the program, the plant’s equipment will be modernized, its production capacity will be restored and new jobs will be created,” the statement said.
The enterprise is considered one of Armenia’s two major cement plants. It has changed owners several times over the past 20 years, according to Sputnik Armenia.
In 2001, Mikhail Baghdasarov, president of Mika Armenia, privatized the plant and renamed it Mika-Cement CJSC. In 2016, due to accumulated debts, the enterprise was transferred to VTB-Armenia Bank, which became the plant’s sole owner. In late 2017, it was acquired by Hrazdan Cement Corporation, while bankruptcy proceedings involving the enterprise began in 2022.
Businessman Narek Nalbandyan owns Nalbandyan vodkas, the Golden Palace hotel in Tsaghkadzor, the Hayrapet hotel complex in Sevan and the former mansion of former Armenian Prime Minister Hovik Abrahamyan near Victory Park. His assets also include a stake in Meghradzor Gold LLC, which operates the Meghradzor gold-polymetallic deposit, the Shoghakn diamond plant in Nor Hachn, the Shirak poultry farm, flour mills operating in Masis and Artashat, as well as transportation companies.
Nalbandyan also owns Nalbandyan Flour, which produces animal feed and flour, the Gyumri Havkit and Nor Lusakert Havkit companies, and the Tsiran, Oasis and Eighty Eight (88) supermarket chains. His business assets include a fleet of more than 200 freight vehicles, the AquaYan drinking water plant and other enterprises.
Media outlets periodically publish reports about close ties between Narek Nalbandyan and the ruling Civil Contract party.
