VEB and SREI approve principal terms and provisions to establish Russian-Indian IT and Innovation Fund

12 december 2017 года
#News
Back

Vnesheconombank, VEB-Innovations and an Indian company SREI Infrastructure Finance Ltd, a Kanoria Foundation entity, and one of India’s largest holistic infrastructure institutions, with the support of Roscongress Foundation signed an agreement on the terms and conditions to establish a Russian-Indian IT and Innovation Fund with the target size of investors’ commitment amounting to USD 200 million. This agreement has become a real example of implementing the provisions of the Memorandum of Understanding on the support of the Russian export and the development of Russian-Indian cooperation between Vnesheconombank and SREI Infrastructure Finance Ltd signed at the St. Petersburg International Economic Forum 2017.


On the part of Vnesheconombank, the Agreement was signed by the Chairman Sergey Gorkov, on the part of VEB-Innovations - by the Director General Kirill Bulatov, and on the part of SREI Infrastructure Finance Ltd - by the Chairman and Managing Director Hemant Kanoria.

The Fund is designed to attract investment in innovative companies focused on the development of cooperation between Russia and India. Particular emphasis will be placed on promising inventions based on a strong scientific and technological base of Russia and India. This will help facilitate an innovative transformation of both economies. The Fund will also help build up trade in Russian and Indian cutting-edge technologies and their transfer to other countries. The parties have already started to identify projects for the Fund’s pipeline, which will include projects of Russian innovative companies.

As a next step, the parties will proceed to creating a corporate structure of the Fund, with operating activities scheduled to begin prior to the end of Q2 2018.

Apart from the Fund, VEB and SREI are actively promoting Russian high-technology exports in the Indian market.

“We expect the Russian-Indian Fund to help boost trade and economic cooperation between our two countries. Such platform is of crucial importance as it will facilitate a pipeline of projects and joint assessment and financing of these projects. For many IT companies, the Russian market is not enough for distributing their products. And cooperation with SREI will help them enter the market of India and the Asia-Pacific region”, said Vnesheconombank Chairman Sergey Gorkov.

“Information technologies and innovations are very quick processes, and our cooperation is also rapidly evolving. In June, we signed a memorandum of understanding. And next year the Fund will be ready to make the first investment”, said SREI Chairman and Managing Director Hemant Kanoria.

SREI Infrastructure Finance Limited (SIFL) is one of the leading independent financial institutions and infrastructure financial conglomerates in India. Founded by the Kanoria brothers in 1989, it specialises on capital markets, including M&A transactions, venture investment and project financing. Total assets under the Group’s management is around USD10bn. SREI has been operating in Russia since 2005.

Vnesheconombank (VEB), officially called State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” is a national development bank and one of Russia’s largest financial institutions. Established in 1924, Vnesheconombank has been operating in compliance with the special Federal Law “On Bank for Development” since 2007. The Bank’s supreme governing body is the Supervisory Board headed by Chairman of the Russian Government Dmitry Medvedev. According to the VEB Strategy 2021, Vnesheconombank priority financing areas include high value added manufacturing, infrastructure, non-commodity exports, innovation and the National Technological Initiative (NTI) projects.

VEB Innovations LLC (VEB Innovations) was established by Vnesheconombank as its venture capital arm, a platform for development of strategic partnerships and creation of joint funds with Russian and international partners for investments in technology venture projects. Its focus also includes search and selection of unique projects and their financing. VEB Innovations goal is also to support the National Technology Initiative (NTI), digital ecomony projects, to attract co-investors, assist Russian companies in entering international markets.

Roscongress Foundation – a major organizer of congress and exhibition events

The Roscongress Foundation was founded in 2007 with the aim of facilitating the development of Russia’s economic potential and strengthening the country’s image by organizing conventions, exhibitions, and public events. The Foundation develops substantive content for such events, providing companies and organizations with advice, information, and expert guidance, and offering comprehensive evaluation, analysis, and coverage of the Russian and global economic agendas. It offers administrative services and promotional support for business projects and helps to attract investment, including in the form of public-private partnerships.

Today, its annual programme includes events held from Montevideo to Vladivostok, offering an opportunity to bring together global business leaders, experts, the media, and government officials in one place, creating favourable conditions for dialogue and the promotion of new ideas and projects, and assisting in the creation of social enterprise and charity projects.


Press Office
E-mail: press@veb.ru

Back

Vnesheconombank-Supported LNG Production Facility in Operation in Yamal

8 december 2017 года
#News
Back

An official ceremony took place in Sabetta, Yamalo-Nenets Autonomous District, to mark the first shipment of liquefied natural gas from the Yamal LNG Plant. The ceremony was held in the presence of Russian President Vladimir Putin.

Put into operation with the support of Vnesheconombank, the new LNG production facility is to produce up to 16.5 million tonnes of liquefied natural gas and up to 1.2 million tonnes of natural gas condensate per year. With its potential for developing one of the world’s largest gas-producing areas and setting up new promising hydrocarbon delivery routes via the Northern Sea Route, the project has strategic significance for Russia. The project included building a sea port and airport.

The project is operated by Yamal LNG, a joint venture of NOVATEK (50.1%), Total (20%), CNPC (20%) and Silk Road Fund (9.9%). As part of its export support functions, Vnesheconombank issued a bank guarantee for the equivalent of 3 billion US dollars to secure NOVATEK’s obligation to service the debt of Yamal LNG.


“The Yamal LNG Project is one of the largest in Russia, having strategic significance for the global energy market. The bank guarantee issued by Vnesheconombank helped the project to receive international financing. The guarantee was accepted, which proves that foreign, including Chinese, lenders have every confidence in Vnesheconombank Group,” Vnesheconombank’s Chairman Sergey Gorkov said. “Drawing on many years of experience in the Chinese market and relying on our vast network of partners and our long-standing trust-based relationships with key players in the Chinese financial sector, we are working to set up mechanisms to help Russian exporters with entry into Asian markets. The Yamal LNG Project is a shining example of cooperation between Russia and Asia-Pacific countries.”


Press Office
E-mail: press@veb.ru

Back

Электронный офис клиента в разработке

Закрыть
Write a letter
The following required fields are missing: Your name
The following required fields are missing: Your e-mail
The following required fields are missing: Your message
The following required fields are missing: CAPTCHA
Your message has been sent.
Leave feedback

It is important for us to know your opinion about the bank in order to make our work even better.

The following required fields are missing: Your name
The following required fields are missing: Your company
The following required fields are missing: Your e-mail
The following required fields are missing: Your message
The following required fields are missing: CAPTCHA
Your message has been sent.