Lithuania’s state-owned investment firm EPSO-G Invest and ammunition manufacturer Giraites Ginkluotes Gamykla (GGG) have signed an agreement to establish a joint venture, Rheinmetall Defence Lithuania, with German defence industry group Rheinmetall, Baltic News Network reports. Under the agreemnt, the companies will invest in an artillery ammunition plant in the town of Baisogala in Lithuania’s Radviliskis district. Rheinmetall will own 51% of the joint venture, while EPSO-G Invest will own 48% and GGG the remaining 1% of shares in the new company. EPSO-G Invest expects the ammunition plant to be built by the end of 2026, BNS reports. The maximum cost of the project is currently estimated at EUR 300mn.
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