A Megapolis company based in Russia is to build a plant for the production of medical glass in Karachay-Cherkessia.

It is hoped that the plant will replace 90% of imports of the products in Russia.

An agreement was signed by Megapolis at the Sochi 2015 International Investment Forum.

The company will produce glass of the first hydrolytic class, used in the production of medical packaging - glass medical tubes, ampoules, vials and cartridges.

The project will be implemented in 2016-2017.

Investments in the project were not disclosed.

Megapolis owner Sargis Ghahramanyan said Karachaevo-Cherkessia was chosen as it is conveniently located to six countries, to which the company plans to export its products.

“In addition, we will build a plant for its own raw material base, which is very convenient and profitable,” he added.