Reconstruction of Detsky Mir to start in Oct, core business will be maintained - Kostin
MOSCOW. July 20 (Interfax) - OJSC Sistema-Hals , which is owned by VTB Bank, will start the reconstruction of the Detsky Mir toy store at Lubyanka in Moscow in October. The reconstruction process is slated for completion in 2012.
"We are starting the reconstruction of Detsky Mir in October," VTB's President and Chairman Andrei Kostin said during a meeting with Russian Prime Minister Vladimir Putin on Tuesday.
Kostin said that the project would cost around 6 billion rubles.
VTB, which acquired the Detsky Mir building for debt along with control of Sistema-Hals, plans to continue with the store's core business.
"It definitely will be a children's center," Kostin told Putin. "This means we have kept the core operations, which will be a children's center where we plan also to have a movie theater, a children's theater and a general area for not only shopping but also staying and relaxing on the weekends and so forth," he added.