Russian Sitronics opens subsidiary in Armenia, Sitronics AM

PanARMENIAN.Net - A new joint venture fund will be established by the Armenian government and the Russian Sitronics company. The latter is engaged in product and solution development in the sphere of Information Technology, telecommunications, microelectronics. The venture capital of USD 40 million is likely to be established by the end of this year or early next year, Vache Kirakosyan , head of the Department for High-Tech and IT of the RA ministry of economy, told a PanARMENIAN.Net reporter.



According to Vache Kirakosyan, Sitronics is going to create the subsidiary Sitronics AM, which will be registered within a few days. As he said, in case of favorable operation of Sitronics in Armenia, the size of the fund within two years could reach USD 80-90 million.



Sitronics projects to deploy the Mars plant and Scientific & Research Institute of Mathematical Machines after Mergelyan, and to turn them into free economic zones.