«РБК daily»: "Putin seals Rusnano-Sistema partnership"
On Friday, Rusnano head Anatoly Chubais and Sistema CEO Vladimir Yevtushenkov signed a joint venture agreement to manufacture 90-nm electronic chips. Investment in the project will total 16.5 billion roubles.
Rusnano state corporation and services conglomerate Sistema have signed an agreement to establish production of 90-nm topology very large scale integrated circuits (VLSI). The new production line will be installed at the Micron plant owned by Sitronics, Sistema's technology arm. The contract was timed to coincide with Prime Minister Vladimir Putin's visit to the plant.
Funding for the project will total 16.5 billion rubles. Rusnano will invest 6.5 billion rubles. Sitronics, one of Russia's leading companies in microelectronics, will invest the same amount, contributing its production facilities. The remaining 3.5 billion roubles will be raised through borrowed capital.
"We have not decided yet whether we will issue bonds or take out loans. One thing I can say for certain is that we will not need the funds until late 2010 or early 2011," said Rostislav Sergeyev, Sitronics PR manager. To get the project underway, they will have to buy a license from French STMicro Electronics, the project's technology partner.
Sitronics president Sergei Aslanyan told RBC Daily that the new facility would produce 500-1,500 chips a month. Under the agreement, Sitronics has an option of buying out a stake in the joint venture in six years; if it doesn't do so, the buyout will become compulsory in nine years.
The integrated circuits manufactured under the project are expected to be used in GLONASS/GPS devices and digital set-top boxes. The range of products will include microchips for smart cards integrated into electronic passports, driving licenses and vehicle registration certificates, bank and benefit cards, mobile phone SIM-cards, and RFID chips.
Micron director Gennady Krasnikov said the plant is also able to make 180-nm chips.
Troika Dialog analyst Anna Lepetukhina was cautious in her estimate of potential market demand for these products, or the plant's load data. Also, so far no decision has been taken on manufacturing the 180nm chips. Still, she agrees that the GLONASS system will provide some demand for the products.
"Digital TV board producers might also be interested in the products," she said adding that they are mainly intended for the domestic market.
The products will most likely be aimed at the GLONASS project, agreed Anton Vorykhalov from iKS-Consulting. He said Sitronics was unlikely to make the circuits available on international markets because of competition from cheaper foreign made products.
Anna Fadeyeva
