Russia forms special group to protect cos interest in India

Moscow, June 14, 2012, PTI:

With conglomerate Sistema facing an uncertain future following cancellation of its telecom licences, Russia has set up a Parliamentary working group to protect interests of its companies working in India.

A Special Working Group will be established under Lower House of Russian Parliament (Duma) that ?will develop necessary mechanisms for protection of the interests of the Russian companies working in India,? Russian news agency Interfac reported.

Sistema has a joint venture with India?s Shyam Group, SSTL, in which the Russian government also has a stake of 17.14 per cent. Operating under the MTS brand name, SSTL has a user-base of over 15 million but its 21 licences were among the 122 cancelled by the Supreme Court in February this year.
?The need to organise such working group is stipulated by the fact that implementation of some major investment projects in India is currently facing serious hurdles,? Committee Chairman Sergey Gavrilov said in the course of its session.

Apart from SSTL the joint venture Kamaz Vectra Motors Ltd, where JSC Kamaz owns 51 per cent of shares is also facing problem. Sistema claims to have invested over $2.5 billion from 2007, including $ 630 million for securing licences in 2008. It will demand compensation of all incurred losses in case it is forced to leave the Indian market.

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