By Nupur Acharya
MUMBAI--State Bank of India (500112.BY) and Russian Direct
Investment Fund Monday singed an initial agreement to cooperate on
investments in projects and companies in the two countries.
The agreement envisages investments of up to $2 billion, an
Indian government statement said.
the statement didn't provide details on the terms of the
agreement, which was signed during Russian President Vladimir
Putin's day-long visit to New Delhi.
State-run SBI is India's largest bank by assets.
The Russian Direct Investment Fund is a $10 billion fund created
in 2011 by the Russian government to co-invest with global
institutional investors, the statement said.
SBI Chairman Pratip Chaudhuri signed the pact with Kirill
Dmitriev, director-general of Russia Foundation for Direct
Investments, the statement added.
Write to Nupur Acharya at nupur.acharya@dowjones.com
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