NIS GLONASS General Manager Alexander Gurko announced at a press conference yesterday that his company could invest as much as $100 million dollars in acquisitions of Russian and foreign companies during this year and the next. These acquisitions will help develop new satellite-based navigation services for both the domestic and Indian consumer markets.
NIS GLONASS will rely on its shareholders and on banks to finance this acquisition program, which it anticipates will be confirmed at the next NIS GLONASS shareholder meeting in November, news agency RIA Novosti reported.
A subsidiary of NIS GLONASS will start operations in Mumbai, India, as soon as next year, Gurko added, as well as a company representative in Delhi.
Over the last two years, the Russian operator has made several significant steps on the Indian market, as East-West Digital News reported in May. Gurko also named the former Soviet republics of Belarus, Kazakhstan, Armenia, and Ukraine as other priority markets for NIS GLONASS.
