Sunday, 31 March 2013

Russia & India two sovereign dollar nation partnership

Russian sovereign wealth fund SBI to form dollar 2 bn consortium

26 dec 2012

Russian sovereign wealth fund SBI to form dollar 2 bn consortium
Russian sovereign wealth fund Russian Direct InvestmentFund (RDIF) on Monday signed an agreement to set up a $ 200 million dollar investment consortium, State Bank of India(SBI), to promote investment between the two countries.

Consortium the RDIF and SBI will invest up to $ 1 billion, said a statement released by the Russian sovereign wealth funds.
Long-term capital
The agency will team to facilitate long-term capital in Russia and India actively promote mutual investment.
RDIF CEO Kirill Dmitriev, SBI Chairman Pratip. Chowdhury Prime Minister Manmohan Singh in the establishment of the consortium with Russian President Vladimir Putin signed a memorandum of understanding, the memorandum of understanding (MoU) here.
"Basically, we are establishing this platform, interesting industry synergy between India and Russia, high-return projects to allocate funds, Mr. Dmitriev said.
The focus will be for higher purchasing power of the population, to create value addition in the mining and processing of natural resources and the development of manufacturing enterprises and service enterprises project. Joint investment consortium, government support, help mitigate possible risks from the global economic situation,'' he said.
Mr. Chowdhury said the partnership, from an investment point of view, the banks will have the opportunity to obtain interesting and attractive projects.

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