top-left-banner

Thursday, Apr 17th

Last update09:44:42 AM GMT

TwitterLinkedinYoutubeGoogleFeed

Banner

User1

User2c

User3

You are here: Financial New Cambridge-Russia fund disclosed

New Cambridge-Russia fund disclosed

Business Secretary Vince Cable (left) in Moscow

A Russian diplomat appears to have ‘leaked’ the inside track on a new Cambridge funding venture with Russia.

Alexander Sternik told reporters in London that a thaw in relations between the UK and Russia was bringing unprecedented trade benefits, according to ISRIA.com – an information fountainhead in the field of global geopolitics and diplomacy.

According to ISRIA.com, Sternik told the press: “A joint fund between a Cambridge-based company Celtic Farm and Russian Corporation RUSNANO is being set up.”

RUSNANO has received $10 billion of state funds to ensure the tech sector generates $30 billion of annual sales by 2015.

The new fund story is so hot that no details for Celtic Farm have surfaced anywhere and Business Weekly’s contact with ROSNANO has, as yet, yielded ‘niet’ response.

But such a move would be entirely logical given RUSNANO’s recent investment in Cambridge plastronics pioneer, Plastic Logic.

As we revealed in August, Plastic Logic clinched multi-million pound investment from the Russian Corporation of Nanotechnologies to manufacture next-generation plastic electronic displays and establish a plastic electronics industry in Russia.

Plastic Logic said it would continue to house its core R & D facility in Cambridge and maintain its commercial factory in Dresden.

RUSNANO managing director, Georgy Kolpachev, said: “The production facility for the next generation of plastic displays will become the first step to establish the new branch of an electronics industry in Russia.

“By the time of the launch, the Russian facility will be the world’s most advanced fabrication plant in the plastic electronics industry.”

Thomas Cook in Peterborough has also benefited from the new surge of ‘glasnost.’

Alexander Sterni is quoted by ISRIA.com of telling reporters: “Thomas Cook set up a joint venture with the Russian travel operator Intourist.

“GlaxoSmithKline signed a framework agreement to set up a joint production in Russia of innovative vaccines as well as agreed to establish joint operations in healthcare in two Russian regions.

“A joint fund between a Cambridge-based company Celtic Farm and Russian Corporation ROSNANO is being set up. And following a meeting in Moscow Gazprom and Shell have formed a strategic alliance to develop joint projects in Russia and internationally.”

He said the new UK coalition government has seen Russo-British relations “continue to improve in both the tone and level of dialogue.”

He added: “And relations in the area of business, always a strong point of Russo-British cooperation, are being further developed through the Intergovernmental Committee for Trade and Investments.

“Vince Cable, the Business Secretary brought to Moscow a delegation twice as large as any we have seen comprising British companies in recent history.

“This produced concrete results with agreements to focus our cooperation in the fields of financial services, hi-tech and nanotech; energy, particularly energy efficiency.”

Norwich based insurance giant, Aviva, was also part of that Moscow delegation.

Share/Save/Bookmark