Russian Billionaire Fights to Recoup Investment: Corporate India
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Billionaire Vladimir Evtushenkov, who has plowed $3.2 billion into a phone venture in India since 2008, is poised to invest billions more as his company fights to recover mobile licenses scrapped by the nation’s top court.
The outcome of a petition filed against the cancellation will determine acquisition and expansion plans of Evtushenkov’s AFK Sistema in the world’s second-biggest wireless market, Sergey Savchenko, chief financial officer of its Indian unit, said in an interview. The Moscow-based company, which wrote off $700 million of its India investment, isn’t leaving the South Asian country yet, he said.