Business in Brief

Wealth Funds Agency Plan

The country plans to set up a state agency to manage its sovereign wealth funds and make investment decisions, a government source said Wednesday.

The proposal was discussed by President Dmitry Medvedev and officials in the Kremlin on Tuesday, the source said. The agency will resemble Abu Dhabi Investment Authority, which agreed in November to buy $7.5 billion of stock in Citigroup. (Reuters)

Gazprom Buys Power Firm

A Gazprom unit bought 100 percent of the Tyumen Power Supply Company for 5.7 billion rubles ($243 million) in an auction on Wednesday, Unified Energy System, the seller, said in a statement.

Mezhregionenergosbyt, which runs Gazprom's power assets, beat out one other bidder, which was not disclosed in the statement. The starting price for the auction was 3.62 billion rubles, the statement said. (MT)

Sistema's Indian Frequencies

Sistema said Wednesday that its Indian telecoms unit, Shyam Telelink, had obtained radio frequencies in four additional Indian cellular zones.

Shyam Telelink now has coverage in 27 states with a population of 1.07 billion people in the country. (Reuters)

Norilsk Anti-Monopoly Info

The Federal Anti-Monopoly Service, seeking transparency in a takeover tussle for Norilsk Nickel, on Wednesday asked interested parties to reveal their stakes in the company.

"We don't want to interfere in the corporate battle for the company, we just want to make sure none of the parties forgets that any buildup of a stake over 25 percent has to be approved by us," said Alexei Ulyanov, head of industrial supervision at the service. (Bloomberg)

Inflation at 8.3%

Inflation climbed 8.3 percent in the year through June 16, led by higher costs for rice and diesel fuel, the State Statistics Service said Wednesday.

Consumer prices increased 0.6 percent from the start of the month and 0.2 percent from June 10 to 16, the service said. (Bloomberg)

Gazprom Export Revenues

Gazprom said Wednesday that export revenue would surge 60 percent to a record this year as it sells more fuel at higher prices.

Sales outside Russia will probably rise to $71.6 billion, from $44.8 billion last year, deputy CEO Alexander Medvedev said. (Bloomberg)

For the Record

The country's two biggest state-controlled banks, Sberbank and VTB, and the largest private bank, Alfa, rushed to issue benchmark eurobonds Wednesday while spreads for Russian issuers are narrow. (Reuters)

Highland Gold Mining said Wednesday that it planned to spend as much as $550 million building its third gold mine in the Far East. (Bloomberg)

Carlsberg's Baltika Breweries said Wednesday that it spent 23 million euros ($36 million) to double capacity at its Voronezh brewery. (Bloomberg)

Norilsk Nickel said Wednesday that it would borrow $1.5 billion from a group of banks. (Bloomberg)

Russian Railways, or RZD, has hired Troika Dialog and Morgan Stanley to organize an IPO of shares of its container unit, Transcontainer, an RZD source said Wednesday. (Reuters)