OREANDA-NEWS. December 29, 2010. Within the frames of the IV Russian-Indian Forum of Trade and Investments opening, Gazprombank unveiled its Representative Office in India. The ceremony was attended by Sergei Ivanov, Deputy Prime Minister of the Russian Government as well as top-managers of the largest Russian and Indian companies and banks.

"For the development of cooperation between Russia and India, we have to improve financing of the bilateral trade, – highlighted Sergei Ivanov. – Implementation of payment mechanisms based on corresponding credit lines and financial guarantees from banks of both countries has already brought certain results but they cover only a minor part of the goods’ turn-over. In this regard, establishment of a Representative Office by Gazprombank, one of the largest Russian financial institutions, in India is  specially important".

The main task of the RO will be representation of GBP interests and support of its products promotion in the Indian financial markets. Gazprombank already has positive experience in India, and opening of the Representative Office will enable more effective interaction with partners and clients.

In order to improve mechanisms of work with partners and clients in India, GPB plans to establish, support and develop ties with state authorities, financial bodies and business of the country. 

Currently, GPB RO works with companies from such branches as defence, nuclear power, telecom. Industrial companies from Gazprombank Group, such as Uralmash, Izhorskie Zavody, successfully supply their products to the Indian market, namely, for a unique Russian-Indian project – power Kudankulam Nuclear Power Plant. Uralmash also delivers its products to such companies as Midhani and National Minerals Development Corporation (NMDC). Cooperation will be developed in other directions including power machine-building, mining and food industry, infrastructure.

Within the frames of RO unveiling, Gazprombank and Systema Shyam Teleservices Limited signed a mandate letter to provide financing for the amount of up to USD 200 mio in Indian Rupees equivalent. This is already a second financing to be provided by Gazprombank to the indian telecom company. The proceeds will be used to finance invesment programme and will be secured by a stand-by l/c to be provided by GPB (JSC ).