16 Jun 2011 16:01

IFK Sistema, Chinese ZTE become strategic partners

MOSCOW. June 16 (Interfax) - AFK Sistema and China's ZTE corporation have signed a memorandum of strategic partnership, AFK Sistema head Vladimir Yevtushenkov told Interfax on Thursday.

The memorandum envisions large investment on each side under 50-50 arrangements, he said.

"Each side is expected to provide more than a billion as a minimum," Yevtushenkov said.

The assets on the Chinese side are an RND-center and a plant for manufacturing telecommunications equipment in Hangzhou. Russia's assets are an RND-center and three telecommunications equipment plants, he said.