The companies signed a letter of intent at INNOPROM. India in New Delhi

Photo: Sber Press Service

Sber and Rostec State Corporation agreed to extent their cooperation in India. The companies have signed the agreement at INNOPROM. India in New Delhi. The document has been signed by Alexander Vedyakhin, First Deputy Chairman of the Executive Board of Sberbank, and Dmitry Lelikov, Deputy General Director of Rostec. 

The agreement sets forth three partnership areas. First, Sber will provide international settlements for Rostec’s companies participating in Russia-India international business projects. Financing will be provided both to exporters and importers in accordance with Sber’s tariff policy. Second, the parties are planning to share impersonal market analytics for better understanding of local technologies and products for creating joint projects. Third, Sber and Rostec are considering joint implementation of development projects in India. 

“Relations between Russia and India rise to a new level. Our objective is to provide a reliable tool for business and people involved in these relations. Therefore, we combine Sber’s financial expertise with Rostec’s industrial and technological potential. In the year of the 185th anniversary of our company, this partnership is another step towards evolution of Russia-India relations. It is important that business from Russia be on firm ground in India, and Indian partners see us as a predictable and powerful ally. When keen interests of stakeholders — engineers, entrepreneurs, financiers, are behind each joint project, this cooperation will be of great value,” said Alexander Vedyakhin, First Deputy Chairman of the Executive Board of Sberbank.