India invests $500 million in coal mining on Russian Kamchatka

India invests $500 million in coal mining on Russian Kamchatka
Tags: Photo source:

Tata Power, a company based in India, plans to invest $560 million in a project for the development of Krutogorovsky deposits of coal located in Sobolevsky district located on Kamchatka Peninsula, in the Russian Far East.

The corresponding agreement on cooperation in the project implementation was signed in Mumbai between Tata Power and the Russian party in the presence of Deputy Prime Minister of Russia, Yuri Trutnev, the press office of the Far East Development Ministry of the Russian Federation reports.

On the part of Russia, the document was signed by the Governor of Kamchatskiy region, Vladimir Ilyukhin, the Deputy Minister of the Russian Federation for Far East Development Alexander Krutikov, the head of the Agency of the Far East for attracting investment and exports support, Leonid Petukhov, the head of the Far East Development Fund, Alex Chekunov, and Deputy Chairman of the Far East branch of JSC Sberbank of Russia, Marina Perebeinus.

A volume of the project financing on the part of JSC Sberbank is estimated at $400 million. Funding will begin in 2018.