OREANDA-NEWS. On 10 April 2008 was announced, that Sistema joint-stock financial corporation is negotiating with Indian Shyam Group about the joint construction of a mixed-use complex on the 8.9-hectare site not far from New Delhi in India.

“The multifunction complex included offices, housing and hotel areas is planned to be built on 8.9 hectares in Gurgaon business area 27 kilometres from the centre of New Delhi. This site is owned by Shyam Group,” the edition specified.

The parties are currently coming to agreement with each other about the conditions of the collaboration. According to the source, the deal is close to be arranged.

“The estimated cost of the project is \\\\$200 million. The agreement with Shyam Group is close to be entered in and it will be possible to launch the project by the end of 2008,” Kirill Semenov, head of the international press office of Sistema, said.

At the same time Sistema continues negotiating with the other participants of India's real estate market.