Sistema Eyes Indian Commercial Real Estate and Hospitality Sectors
Kolkata, April 30:- Russian conglomerate Sistema, having already established a presence in the Indian telecom market, is now setting its sights on the real estate and hospitality sectors. The London Stock Exchange-listed public company has earmarked an estimated eight hundred crore rupees for the development of office and commercial projects within India by the end of the year.
Speaking at a recent conference organized by the Indo-CIS Chamber of Commerce in Kolkata, Mr. Alexander A. Chinyaev, Sistema's chief representative in India, elaborated on their plans. "We are looking to launch ‘A class’ office and hotel projects in Delhi, Goa, Gurgaon, and in almost all the metros, including Kolkata. If we find proper partners, we will invest $100-200 million in a pilot project by the year-end.”
Focus on Commercial and Hospitality, Not Residential
Mr. Chinyaev clarified that Sistema's Indian ventures will not include residential projects. Instead, the company will concentrate on commercial and hospitality projects, leveraging its expertise in managing thirty star hotels across the CIS countries. This focus aligns with their broader ambition to expand into the Indian tourism sector.
Tourism Development Through Exchange Programs and Infrastructure
Sistema aims to facilitate tourism between India and the CIS countries. Mr. Chinyaev outlined their plans for tour agencies from the CIS to participate in the Indian market, supported by the development of necessary infrastructure, including hotels and resorts. “We have plans to take part in the tourism business in India through exchange of tourists between the two countries. We can bring our tour agencies to India for this purpose. This will be supported by developing businesses like hotel and resort projects,” he explained. This strategic approach seeks to create a synergistic relationship between tourism and hospitality, supporting the growth of both sectors.