Russian group eyeing $2b investments in Indonesian telcos"”report

Russian industrial and financial holding Alfa Group plans to invest up to $2 billion in Indonesia's telecommunications sector as well as other sectors, a Prime Tass report said.

The Prime Tass report, quoted Alfa Bank president Pyotr Aven, as saying that the executive met with Indonesian President Susilo Bambang Yudhoyono, who recently was on a visit to Russia, to discuss the matter.

The report said Yudhoyono welcomed Alfa Group's intention to invest in Indonesia and that the holding would have the support of the Indonesian government, Alfa Bank said.

Alfa Group has been seeking to expand its telecommunications business into Southeast Asia, the report said.

The company recently established a representative office in Vietnam.

Altimo, the telecommunications arm of Alfa Group, controls a voting stake in Russia's second largest mobile operator VimpelCom and a 29% stake in US-registered telecommunications operator Golden Telecom.