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Manish Basu

Kolkata, April 30 After venturing into the Indian telecom business, Russian conglomerate Sistema is now planning to tap the real estate and hospitality industries in India. The London Stock Exchange-listed public sector company is looking at investing an estimated Rs 800 crore to build office and commercial projects in the country by year end, Mr Alexander A. Chinyaev, the chief representative in India of Sistema, told Business Line.

Speaking on the sidelines of a conference organised by the Indo-CIS Chamber of Commerce here recently, Mr Chinyaev said, “We are looking to launch an ‘A class’ office and hotel projects in Delhi, Goa, Gurgaon, and in almost all the metros, including Kolkata. If we find suitable partners, we will invest $100-200 million in a pilot project by the year-end.” Sistema, however, will not build residential projects in India, he clarified.

The company, which manages 30 star hotels across the CIS countries, is also looking at building and managing hotels in India.

“We have plans to participate in the tourism business in India through exchange of tourists between the two countries. We can bring our tour agencies to India for this purpose. This will be supported by developing businesses like hotel and resort projects,” Mr Chinyaev said.

Sistema, which is also into the micro-electronics business, is mulling a chipmanufacturing unit in India.

“The North-East will get a preference in this regard because of its advantage of having a clear atmosphere, a must for this industry,” Mr Chinyaev said.

The company has 30 micro-electronic factories worldwide producing 10 million magnetic tickets with in-built microchips a month, he added.

Sistema had last year picked up 51 per cent stake in Rajasthan-based Shyam Telelink and has plans to operate telecom business on a pan-India basis.

“We have obtained licences for CDMA spectrum in 13 out of the total 23 circles from the Department of Telecom,” Mr Chinyaev said.

The company has paid $700 million as duty for getting the licences and in acquiring Shyam Telelinks’ stake so far in India and has plans to invest $5 billion in different projects in the next two to three years.

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