|
contents | business | |||||||||
| Strabag intensifies Russian business Strabag SE, Central and Eastern Europe's construction market leader, decided to take a leap forward in intensifying its Russian business. In Strabag will make an advance payment of € 70 million for a 26 % stake in the leading Russian road construction company Transstroy, part of the diversified industrial holding Basic Element. Strabag will take the time for a thorough due diligence of Transstroy, which posted a turnover of RUB 39 billion in 2009, before agreeing on a definitive purchase price. Strabag AG and Glavstroy Corporation, a construction group of Basic Element, will sign a memorandum of understanding regarding the construction of the Olympic village in Sochi, Russia. According to this, by September 2013 Strabag will construct residences and hotels ahead of the Olympic winter games 2014. The contract is subject to the finalizing of the financing for this € 350 million project (1 EUR = 42 RUB). write your comments about the article :: © 2010 Construction News :: home page |