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Srei Infrastructure Finance on Thursday announced the signing of a memorandum of understanding with Russian State development institution Vnesheconombank to create a $200-million IT and innovation fund.
Srei, a Kanoria Foundation entity, is an integrated infrastructure institution with around $5.5 billion of consolidated assets under its management. Vnesheconombank operates to enhance competitiveness of the Russian economy, diversify it and stimulate investment.
“The fund will promote India-Russia cooperation in the area of IT technologies and innovation. Srei and Vnesheconombank, through this fund, will explore investments opportunities in technology companies in Russia, India and other selected regions,” Seri said in a statement.
Hemant Kanoria, Chairman and Managing Director, Srei, said the fund will serve as a two-way bridge between Indian and Russian markets and create opportunities for technology cooperation.
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