State-owned nanotechnology corporation RusNano will invest $230 million in a joint project with Britain`s Plastic Logic to produce basic plastic computer components in Russia, RusNano Investment Department Managing Director Georgy Kolpachev said on Tuesday.

A plant will be built in Zelenograd near Moscow in 2013-2014 to produce hundreds of thousands of new generation plastic displays per month.

"RusNano has implemented the first phase of project financing, having granted $150 million. The next tranche of up to $80 billion will depend on project development," Kolpachev told RIA Novosti.

RusNano and Plastic Logic officials said the overall investment would total $700 million. U.S.-based Oak Investment Partners venture capital firm also invested $50 million in the project.
sections: Society, Hi-Tech