JAKARTA, Dec. 21 (Xinhua) -- One of Russia's largest privately owned holding companies, the Alfa Group, has announced it planned to invest up to 2 billion U.S. dollars in Indonesia's mobile telecoms industry through subsidiary Altimo, an executive has said.
"The Asian mobile market is developing very rapidly and Indonesia is the leader here with its large population, making it the most prospective market," Altimo vice president Kirill Babaev was quoted Thursday by English daily The Jakarta Post as saying.
"We have decided to enter this market."
The plan was conceived after company chiefs met with President Susilo Bambang Yudhoyono in Moscow earlier this month, when they expressed their interest in helping develop Indonesia's mobile telecommunications industry.
"We are targeting some kind of stake in one of the larger mobile operators here. Certainly, some time will pass before we start our actual project, but we are ready to invest up to 2 billion dollars in the country's telecoms industry," Babaev said.
"It's not settled yet, but we will do what is best for us. We don't have a deadline," he explained, adding that the plan would be realized next year.
Altimo is a strategic investment company that focuses on telecommunications, and which owns stakes in major cellular operators in Eastern Europe and Turkey with a total subscriber base of 130 million globally, far higher than the world's largest mobile operator, Orange, which has 80 million subscribers.
"We just celebrated our first anniversary earlier this December. Our investment portfolio now stands at about 14 billion dollars, representing significant growth from when we started in 2005 on 8 billion dollars," Babaev said.
Editor: Liu Dan