The Hindu : Russian firms to invest in India

Online edition of India's National Newspaper
Tuesday, Dec 24, 2002

International

International

Russian firms to invest in India

By Vladimir Radyuhin

MOSCOW DEC. 23. Two Russian business tycoons are mooting expansion in the Indian market in a big way. The premium telecom corporation, Sistema-Telecom, plans to invest $1billion in the Indian mobile telephone industry, while the aluminium giant, RusAl, will bid for a stake in the National Aluminium Company (NALCO). The Kommersant business daily reported today that Sistema-Telecom, which controls a number of leading Russian telephone operators, is teaming up with several Finnish companies to invest $1 billion in India over a period of five years. The paper quoted a senior official of the Russian company as saying, however, that the investment was unlikely to begin before the parliamentary elections in India in 2004.

RusAl, has approved plans to bid for a 29.15-share in the NALCO. The Gazeta daily said RusAl will face stiff competition from Indian and other foreign companies and valued the Russian giant's chances at 50 : 50.

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