AFK Sistema to invest $1 billion in Indian project

Competition

AFK Sistema, one of Russia’s largest diversified companies, said on Wednesday it planned to invest up to $1 billion into a project in India in 2008.

AFK Sistema bought 51% of stocks of the local Indian mobile communications provider Shyam Telelink in 2007 and plans to acquire 70-72% of the company. Alexander Goncharuk, the company’s president and CEO, said the funds would be spent not only on “capital investments, but also on payments for frequencies and licenses.” Goncharuk said the company would need around two-three years “to build and develop the network.” He also said Sistema would become “a considerable player on the market of wireless communications in India”. According to the company’s earlier reports, it is ready to invest $5-7 billion in the Indian market.

Sistema is the largest public diversified corporation in Russia and the CIS, which manages fast growing companies operating in the consumer services sector and has over 80 million customers. It develops and manages market-leading businesses in selected service-based industries, including telecommunications, technology, banking, real estate, retail and media. The company said in a news release Wednesday that its 2007 revenue increased 33.5% year-on-year to $13.7 billion. (rian.ru)

ADVERTISEMENT

Századvég raises GDP forecast to 7.8% Analysis

Századvég raises GDP forecast to 7.8%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New editor-in-chief at Betone Studio Appointments

New editor-in-chief at Betone Studio

BFK developing regional cycling strategy City

BFK developing regional cycling strategy

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.