Russian firm wants to invest $5b in India's telecom sector

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NEW DELHI, Jul 26 (PTI): Russian firm Sistema has told Prime Minister Manmohan Singh that it wants to invest over USD 5 billion in India's telecom sector over next 3-4 years.

Sistema Chairman Vladimir P Evtushenokov Thursday briefed the Prime Minister about his company's strategic plans for India, said Petroleum Minister Murli Deroa who facilitated the meeting between the two.

Evtushenokov, a close aide of Russian President Vladimir Putin, has also assured to help Indian oil firm Oil and Natural Gas Corporation (ONGC) get a stake in Russia's giant Sakhalin-3 project.

"Evtushenokov, along with First Deputy Chairman Alexander Goncharuk and Member of the Board Sergey Cheremin, told the Prime Minister that Sistema was willing to invest more than USD 5 billion in the Indian telecom sector," Deora said.

The Russian company had earlier this year picked 74 per cent stake in Shyam Telelink, the unlisted telecom services arm of the Shyam Telecom Group. Sistema has already committed USD one billion investment for its plans in Shyam Telelink.

"This opens up new horizons for criss-cross investment between companies of the two countries," Deora said, adding ONGC was seeking to replicate the Sakhlain-1 model in Sakhalin-3.

ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corp, has 20 per cent stake in Sakhalin-1 oil and gas fields.

"Sistema considers India as a very promising and reliable trade and economic partner and this year they opened its liaison office in New Delhi," he said.