Agreement Achieved to Commence the Work on the Set Up of the Russian-Indian High Technology Private Equity Fund
Within the official visit of the Prime Minister of India Narendra Modi to Russia, Anatoly Chubais, Chairman of the Executive Board of RUSNANO, and Shaktikanta Das, Finance Secretary of India, have agreed to commence the work on the set up Russian-Indian high technology private equity fund.
It is envisaged that RUSNANO and the National Investment and Infrastructure Fund (NIIF) will invest $2 billion in equal shares and will establish a joint management company.
The key areas of work of the private equity fund will be the implementation of the hi-tech projects at growth stage, including dual-use technologies and defense industry products. Technology transfer will be carried out with regard to the interests of both countries in creating the production facilities and service infrastructure on their territories.
“Russia and India have enjoyed a long history of mutually beneficial cooperation in various fields. The creation of the joint private equity fund is a new stage of development of our relations in harsh global market conditions. The Fund aims to strengthen the competitive position of Russian companies and promote the export of Russian high technologies into the promising Indian market”, Anatoly Chubais emphasized. “We have agreed that we would be ready to increase, if necessary, the size of the Fund which is to ensure greater efficiency of the processes of funding of joint innovative projects and contribute to the creation of high-skilled jobs in both countries”.
RUSNANO Joint-Stock Company was founded in March 2011 through reorganization of state corporation Russian Corporation of Nanotechnologies. JSC RUSNANO contributes to implementation of the state policy on the development of the nanotechnology industry by investing directly and through investment funds of nanotechnology in financially effective high-technology projects providing the development of new production facilities in the Russian Federation. Its primary investment focus is in electronics, optoelectronics and telecommunications, healthcare and biotechnology, metallurgy and metalwork, energy, mechanical engineering and instrument making, construction and industrial materials, chemicals and petrochemicals. 100 percent of RUSNANO’s shares are state owned. Thanks to RUSNANO’s investments, there are currently 115 factories and R&D Centers opened in 37 regions in Russia.
Management of assets of RUSNANO JSC is carried out by Limited Liability Company established in December 2013, RUSNANO Management Company. Anatoly Chubais is the Chairman of its Executive Board.
Work to establish nanotechnology infrastructure and carry out educational programs is fulfilled by RUSNANO’s Fund for Infrastructure and Educational Programs, which was also established during the reorganization of the Russian Corporation of Nanotechnologies.
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The National Investment and Infrastructure Fund (NIIF) is India’s tailored sovereign fund that aims to maximize national economic impact through the development of infrastructure and other investment projects, both new and existing ones. The decision to set up the Fund was approved by Prime Minister N. Modi at the meeting of the Indian Government of July 29, 2015. The NIIF is to start operating in late 2015. The initial size of the Fund will be $3 billion. The Fund’s mandate may also include industrial production projects that are important for the national economy.