Rostelecom Venture Fund Selects First 7 Investment Projects

    According to RIA Novosti, Rostelecom decided on projects that it will finance from its venture fund. Its volume is 1 billion rubles. Information about the projects themselves is not disclosed, as transactions with them have not yet been closed.

    “We have now seven projects selected at the preliminary stage for investments from a venture fund. So far, no deals have been closed, ”said the president of Rostelecom Sergey Kalugin. He added that, most likely, non-controlling interests in these companies will be acquired.

    The three selected companies are software developers. The sum of each of the three transactions is estimated at several million rubles. The remaining companies are manufacturers of equipment. Transactions with them are planned to be concluded in the amount of several tens of millions of rubles.

    It is not in a hurry to part with the money of the Rostelecom fund. The total value of the seven upcoming transactions will not amount to half the total volume of the fund. “We invest in those companies that make development complementary to us. These are Russian companies, among which there are also those whose products we use. This is done so that they can finalize ready-made solutions, ”Kalugin explained.

    Of interest to Rostelecom are companies developing new products and services in the field of import substitution of equipment and software. In addition, interesting projects lying at the junction between portfolio companies and the main business of Rostelecom.

    The management of the company discussed the creation of a venture capital fund last fall. Then it was possible that additional investors could be attracted to the fund. If this happens, its volume will increase significantly.

    Rostelecom is the largest telecom operator in Russia. The state owns 43.07% of the authorized capital of the operator. Vnesheconombank owns another 3.79%, and 1.04% belongs to the Russian Direct Investment Fund. Rostelecom's consolidated net profit in accordance with IFRS in 2014 reached 37.8 billion rubles, revenue - 311 billion rubles.

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