Press Esc to close
Saturday 23 May 2015
News updated at 8:13 AM IST
Weather
Max: 31.5°C
Min : 22.8°C
In Bengaluru
Sunny day

India bids to woo Russian investors

New Delhi, Nov 24, 2012, DHNS:

Though uncertainty looms over the fate of Russian company Sistema JSFC’s venture in the Indian telecom sector, New Delhi has told Moscow that it should not prevent the two countries from making efforts to boost bilateral trade and economic ties.

India also hopes to move towards launching negotiations for a Comprehensive Economic Cooperation Agreement with the Customs Union of Russia, Kazakhstan and Belarus during Russian President Vladimir Putin’s visit to New Delhi next month. New Delhi is also pushing for a India-Russia joint investment fund to promote infrastructure projects in both countries.

“We need to work closely with our Russian friends to push some major investment projects. While we seek to constructively engage on some investment episodes, which have become irritants, we must ensure that they do not become deterrents for further forays,” said Foreign Secretary Ranjan Mathai.

He was referring to the row over cancellation of 2G licences awarded to Sistema Shyam Teleservices Limited (SSTL), a joint venture of Sistema JSFC and Shyam Group of India. The Supreme Court had on February 2 ordered cancellation of 122 telecom licences, including 21 of SSTL, awarded in 2008 during the erstwhile telecom minister A Raja’s tenure.

Moscow had earlier conveyed to New Delhi its concern over cancellation of the licences, stating that Sistema JSFC’s experience might discourage other Russian companies from investing in India.

“We hope to start focused discussions soon on a Comprehensive Economic Cooperation Agreement with the Customs Union of Russia, Kazakhstan and Belarus,” Mathai said at the sixth India-Russia Dialogue promoted by the Observer Research Foundation and the Russkiy Mir Foundation.

The Customs Union of Russia, Kazakhstan and Belarus came into existence on January 1, 2010, after the three countries agreed to remove custom barriers among themselves and move towards economic integration. Russia is also keen on bringing Kyrgyzstan and Tajikistan into the Customs Union.


Go to Top

Photo Gallery
Guru Arjun Devji's martyrdom day...

Guru Arjun Devji's martyrdom day...

People admire at a part of bronze statue of Lachit Borphukan...

People admire at a part of bronze statue of Lachit Borphukan...

Youths pelt stones at the police during a protest...

Youths pelt stones at the police during a protest...

Students celebrate their success in the West Bengal...

Students celebrate their success in the West Bengal...

Young girls shelter under an umbrella during heavy rains...

Young girls shelter under an umbrella during heavy rains...

Kashmiri Muslims cry and pray upon seeing a relic of Prophet Mohammed...

Kashmiri Muslims cry and pray upon seeing a relic of Prophet Mohammed...

Defence Minister Manohar Parrikar and Army Chief General Dalbir Singh Suhag...

Defence Minister Manohar Parrikar and Army Chief General Dalbir Singh Suhag...

Nomads during seasonal migration from Jammu province...

Nomads during seasonal migration from Jammu province...

Bollywood actors Lauren Gottlieb, left, and Jackky Bhagnani...

Bollywood actors Lauren Gottlieb, left, and Jackky Bhagnani...

Irate mob torch a truck after it killed a man...

Irate mob torch a truck after it killed a man...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523