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Sun Group buys stake in Russian gas firm
Vladimir Radyuhin
MOSCOW:
India's Sun Group has bought a stake in a major Russian gas company, Vedomosti newspaper reported on Thursday.
The Sun Group, which has already invested more than $1 billion in the SUN Interbrew brewery in Russia, has acquired 25 per cent plus one share in the Itera gas producer, the newspaper said.
It is the first time that an Indian private investor has got a foothold in a Russian energy company.
So far India's only investment in the Russian energy sector has been ONGC-Videsh's 20 per cent stake in the Sakhalin-1 oil and gas field.
Neither Sun Group nor Itera would disclose the sum paid for the shares, but financial experts valued the deal at over $200 million.
As a result of the deal the Itera Group and Sun Energy Resources (a subsidiary of the Sun Group) have set up a joint venture called Suntera.
(The Sun Group is headed by Nand Khemka).
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