BusinessIndia ready to participate in Russia's privatization program-19/12/2010

BusinessIndia ready to participate in Russia's privatization program

17:02 19/12/2010



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Indian companies are ready to take part in the Russian privatization program for 2011-2013, Indian foreign ministry spokesman Vishnu Prakash said on Sunday.

The issue of India's participation in the program is expected to be discussed during the visit of Russian President Dmitry Medvedev to India on December 21-22 and at the Russian-Indian Forum on Trade and Investment on Monday.

"Indian businesses show great interest in the privatization program which could be evaluated at $32 billion," Prakash told journalists.

"The governments of two countries are already working under the cooperation program in the sphere of hydrocarbons. Russia and India have mutual goals as India is interested in stable supplies of oil and gas and Russia in having a guaranteed buyer," he said.

The Russian government approved in December a privatization plan for 2011-2013, including the top ten state-owned assets, which could bring an extra 1 trillion rubles ($32 billion) to state coffers.

The list of high-profile privatizations includes the sale of state-owned stakes in oil major Rosneft (25% minus one share), RusHydro hydropower generator (7.97% minus one share), the Federal Grid Company of Unified Energy System (4.11% minus one share), the country's largest shipping company Sovcomflot (50% minus one share), top bank Sberbank (7.58% minus one share), VTB bank (35.5% minus one share), the United Grain Company (100% by 2012), Rosagroleasing agricultural leasing company (50% minus one share from 2013) and the country's rail monopoly Russian Railways (25% minus one share).

The plan also offers to sell large stakes in leading apatite concentrate producer Apatit, Prosveshchenye publishers, S7 Airlines, Arkhangelsk Trawler Fleet fishing company, the largest off-road vehicle producer UAZ, the Murmansk Marine Fishing Port, Vostochny Port and Diamond World company.