Russian Businessmen to Invest in India

Russia?s Economic Development and Trade Minister German Gref visited Indian global technology hub, Bangalore, Saturday.

Gref said Russia offers its investment aid to India. He promised India to have "a jump ahead" in less than ten years.

Russia?s President Vladimir Putin was in Bangalore in 2004. Exactly this visit of the president paved the way for special economic areas in Russia. As to the recent tour of Gref to Bangalore, the highlight was comparing this technology hub to its counterparts in Russia.

Gref was shown production of three biggest residents in Bangalore, two IT technology companies and the third is the number one in biotechnology.

The movement of Indian firms was not missed by the business of Russia. AFK Sistema is ready to invest around $1 billion in telecom/IT-assets in India, said the company?s president Yevgeny Novitsky. It will open an office in Bangalore in 2006. AFK Sistema annually funnels no more than $500 million into respective business in Russia, Novitsky specified, signaling the company would rather back up Indian economic areas than the Russian ones. By hearsay, Oleg Deripaska, who heads Basic Element, is willing to invest roughly $500 million in IT-assets in India.