Mumbai, India: Sistema-Shyam Telecom (SSTL), a JV between Russia’s Sistema and Shyam Group of India, has offered to build a national crisis management centre, set up a ‘safe city’ programme for Delhi, and implement space communication services in India, based on GLONASS, Russian navigation satellite system.
Sistema has a 73.71 per cent stake in SSTL. The Russian government is expected to buy a 20 per cent stake in SSTL for around USD 676 million (INR 3,200 crore) by October. Vneshtorgbank (VTB), a Russian bank, and Sistema have also set up their offices in New Delhi.
Due to such initiatives, the Indo-Russian bilateral trade is set to touch the USD10-billion mark in 2010. Already, the two countries have done a business of close to $8 billion this year, compared to USD7.46 billion in 2009. While India’s imports from Russia stood at $5.9 billion, exports were to the tune of USD1.5 billion in 2009, according to data provided by the State Customs Committee of the Russian Federation. Encouraged by the spurt in bilateral trade, both countries have targeted to double it to USD 20 billion by 2015.