From Government of Indonesia

Russia's Alfa May Invest $2bn

One of Russia's largest privately owned holding companies, the Alfa Group, announced Wednesday (20/12/06) it plans spend up to $2 billion in Indonesia's mobile telecommunications industry, The Jakarta Post reported.

The company will make the investments through a subsidiary, Altimo, whose vice president, Kirill Babaev, told reporters the company wanted to be a player in the cellular market, one of the most prospective in the sector in the world.
Company chiefs met with President Susilo Bambang Yudhoyono in Moscow earlier this month.

"We are targeting some kind of stake in one of the larger mobile operators here. Certainly, some time will pass before we start our actual project, but we are ready to invest up to $2 billion in the country's telecoms industry," Babaev said.

"It's not settled yet, but we will do what is best for us. We don't have a deadline. So we are basically looking for a good opportunity," he explained.

Altimo is a strategic investment company that focuses on telecommunications, and which owns stakes in major cellular operators in Eastern Europe and Turkey with a total subscriber base of 130 million globally.
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