Inteco likely to get state subsidies for home building plants

2010-08-23

Patriot – a subsidiary of the developer Inteco operating on the Russian construction market – is likely to receive state support to develop a project on construction of integrated house building plants across the country. Elena Baturina, the owner of Inteco, has long been proposing the government to invest into Patriot’s project, claiming that it will result in a decreasing of construction cost and, eventually, lower prices of residential housing.
Some time ago the state-owned VneshEkonomBank confirmed that the proposal is being discussed; in the beginning of August Inteco and the bank agreed on the memorandum on developing projects in the building materials sector. It has also become known that Prime Minister Vladimir Putin, who is the chairman of the bank’s supervisory board, requested the bank’s management to deliver a proposal on support of the building materials industry. Informed sources indicate that Inteco is likely to be shortlisted to receive state subsidies but the company will not be the only recipient.