Large Russian banking group to participate in India’s industrialisation

22 March 2017 Veronika Usacheva
Gazprombank Group companies look to return to Indian market.
India’s position on the international steel market is also under threat. Source: AP
The Bhillai steel plant still uses Russian technology. Source: AP

Gazprombank Group, the third largest banking group in Russia, plans to establish systematic cooperation between its companies and Indian partners, Alexander Kaznacheev, Vice-President of Gazprombank, said on Mar. 22.

More than 10 industrial concerns that are now owned by Gazprombank Group, will return to the Indian market, including the well-known partners of India from the Soviet period, he said.

“Our company has worked with India since 1955 and has participated in all major projects in the metallurgical and mining industry. All state-owned steel plants of India are using our equipment and our technology,” Dmitry Malakhovsky, Head of foreign division of Uralmash-Kartex, said. “These include plants in Bhilai, Bokaro, Rourkela, Durgapur and Vishakapatnam. Unfortunately after the end of the Soviet contracts, a break came in our work with Indian partners, but in the last three or four years we are back in the Indian market.”

Gazprombank Group, the core of which is a large bank, comprises of large companies in the financial, petrochemical and mechanical engineering sectors, and also in the media business.

“Industrial enterprises belonging to the Gazprombank Group are ready to take part in programs in India such as Digital India and smart cities, which were announced by Prime Minister Narendra Modi,” Sergey Mitreykin, head of the representative office of Gazprombank in New Delhi, said.

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