Russia's Sistema to Invest up to $200 mn in Indian Real Estate

Hyderabad, India (PressExposure) April 21, 2008 -- Russian conglomerate Sistema, on Tuesday announced plans to invest $100-200 million in developing hotels, offices and residential complexes in major cities Hyderabad, Bangalore, Chennai, Delhi and Mumba. The revelation came after the company’s decision to invest $5 billion in the country’s telecom sector earlier in the year.

Sistema has clinched an alliance with India Shyam Group, which has divested 51 percent stake in its telecom venture in favor of Sistema. The Sistema-Shyam joint venture will be developing a 22-acre property in Gurgaon, on the periphery of Delhi. The venture is Sistema’s first undertaking in the construction and real estate market outside Russia and Ukraine.

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Press Release Submitted On: April 10, 2008 at 5:31 am
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