Non-bank lender Srei's infra finance arm today said it will jointly invest USD 200 million along-with Russian state-run bank Vnesheconombank in technology
companies.
The two partners have signed a Memorandum of Understanding recently to create the IT and Innovation Fund.
"The IT and Innovation Fund will promote Indian- Russian cooperation in the area of IT technologies and innovation. The fund will explore investment opportunities in technology companies in Russia, India and other selected regions," it said in a statement.
"We will leverage the rich scientific heritage and growth potential of India and Russia. The Fund will serve as a two-way bridge between the Indian and Russian markets and create opportunities for India-Russia cross-border technology cooperation," Srei's chairman and managing director Hemant Kanoria was quoted as saying.
Vnesheconombank or Bank for Development and Foreign Economic Affairs is a state corporation working to enhance competitiveness of the Russian economy, diversify it and stimulate investment activity, according to its website.
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