MOSCOW (Sputnik) — According to the statement, the Andhra Pradesh state government, Russian construction systems company TechnoNICOL and private equity fund manager SUN Group signed a memorandum of understanding on a project of a polymer bitumen construction materials factory in India with a $100-million funding.
"The two sides expressed interest in expanding their collaboration on production and delivery of construction materials. Considering India's significant experience in this field, the Russian side suggested not only increasing the supply volume, but also creating joint ventures," the statement issued following a meeting between Russia's Trade Minister Denis Manturov and India's Chief Minister of Andhra Pradesh state Nara Chandrababu Naidu, read.
Manturov also promised Indian investors the same access to the Russian market and government incentives the local businessmen have and emphasized Russia's strong preference for local production projects.
