MOSCOW: Eyeing huge potential in India’s construction and reality market ahead of the 2010 Commonwealth Games, Russian Conglomerate Systema on Tuesday announced plans to develop hotel offices and residential complexes in major cities with an initial investment of $10-200 million. The Russian giant has partnered with Syam Group, which has dievested 51% stake in its telecom enture in faour of Sistema, said Yevgeny Kolodkin, vicepresident (strategy and business development) of Sistema’s construction subsidiary. The Systema- Shyam JV would be developing a 22-acre plot in Gurgaon , on the outskirts of Delhi, he said, adding that the land bank is owned by Shyam Group promoter Rajiv Mehrotra and the ratio of investment between the Russian and Indian partner is being negotiated.
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