MOSCOW. Dec 29 (Interfax-AVN) - The Aerokosmicheskoye Oborudovaniye Corporation will run the first Russian venture fund together with the Industry, Science, and Technology Ministry, an official with the corporation told Interfax-Military News Agency Monday.
"The project Aerokosmicheskoye Oborudovaniye has presented for the tender run by the Venture Innovation Fund (VIF) of the Industry, Science, and Technology Ministry, on the establishment of a regional (specialized) venture fund has won, according to the decision taken by the VIF Board of Directors on December 24," he said.
According to the official, the business plan submitted by the corporation stipulates establishment of the Aerospace Industry Venture Fund, the first specialized industrial fund in this country.
The aim of the fund is to invest into promising hi-tech projects and businesses to help to convert and diversify the Russian defense industry and form a business basis for state-of- the-art R&D.
The initial account of the fund will be USD10m. Other organizations like Tavrichesky Bank and Non-governmental Defense Industry Retirement Fund can also contribute to the fund.
Aerokosmicheskoye Oborudovaniye is going to announce an investment tender and attract investors, the spokesman for the corporation said.